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Vitec Group Acquires Tomcat Global

The Vitec Group plc has announced that it has acquired Tomcat Global Corporation, the leading US manufacturer of aluminium structures for live events, for an initial cash consideration of US$14.5 million (£7.6 million) and deferred cash consideration of up to US$8.3 million (£4.4 million) conditional upon future profitability targets. The acquisition has been funded from existing resources.

Commenting on the acquisition, Gareth Rhys Williams, chief executive of Vitec, said: “The Board believes that Tomcat, with its leading presence in the live event market, especially in the United States, and its high quality brand image, is a highly complementary fit with our existing European based staging structures business, Litec. With the additional benefits of shared sourcing in Europe, the acquisition has the potential to accelerate growth and generate attractive returns for the Group’s shareholders. We look forward to working with Tomcat in the future.”

Tomcat Global comprises Tomcat and Brilliant Stages. Tomcat was founded in 1987 by its current owner, Mitch Clark, who will continue with the business. Today it has over 140 employees at sites in Midland, Texas with additional operations in Mexico and in the UK supplying both premium standard and custom aluminium truss systems, principally for the entertainment and exhibition industries. Brilliant Stages, based in the UK, is a leading supplier of custom effects and accessories for staged events. Tomcat and Brilliant Stages have undertaken projects for a wide variety of live events for customers such as the Rolling Stones, Pink Floyd, Robbie Williams and U2.

In the year ended 31 December 2005 Tomcat generated adjusted consolidated profit before tax of US$2.1 million (£1.1 million). Gross assets as at 31 December 2005 were US$8.8 million (£4.6 million).

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Vitec Group Acquires Tomcat Global

7th November 2006

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