Vitec Group Acquires Litepanels Inc.

The Vitec Group LLC will reportedly acquire Litepanels Inc., a company based in Hollywood, California USA, that produces LED lighting for TV, video, movie production, and digital photography. The Vitec group will initially pay US$14.5 million (£7.8 million) in cash from existing resources, with additional deferred consideration dependent on future profitability. Litepanel’s products have won various awards and are used both on-location and in studio environments. One of the more notable installations of the company’s LED luminaires is at the White House press briefing room. LED lighting is attractive for use in studio and film set applications, because of its low power consumption and low heat generation compared to traditional light sources. Litepanels was founded in 2005 by five partners with extensive experience as lighting designers or lighting directors, all of whom will stay with the company post-closing. Litepanels will report as part of Vitec’s Broadcast Systems division.