Yet another company has come under the wing of The Vitec Group. The company has now acquired Savage, the leading backdrop brand in the industry, and the two companies will merge by the end of this month.
Those of you who do studio photography have probably had experience with Savage backdrops. The company is based in Phoenix, US and it’s been around since 1937. It offers high-quality, specialist, seamless paper backdrops.
“In the post-pandemic digital era, professional studio photography has dramatically expanded, led by the growth of e-commerce sales; 90% of online buyers report that image quality is the most important factor in the decision-making process,” Vitec writes. “Savage directly serves this fast-growing market segment, as well as fulfilling the demand from vloggers and influencers for easy-to-set-up backgrounds for their TikTok or YouTube videos.” Marco Pezzana, Divisional CEO of Vitec Imaging Solutions commented: Hayward Richard Pressman, Chairman of the Board of Savage Universal Corp, said in a statement: Vitec announced today that it’s acquiring Savage Universal Corp and its affiliates for up to $57.3 million in cash, including retention, transaction and financing costs. And as you could have concluded, it’s not the only company they’ve acquired. First of all, Vitec owns Manfrotto, the famous tripod manufacturer, and it has swallowed up Lastolite under its brand. Manfrotto Earlier this year, they acquired LED lighting manufacturer, Quasar Science. Last year, motion control company Syrp also came under Vitec, and so did Lowepro and Joby back in 2017. Vitec has plenty more brands under its wing, producing tripods, monitors, camera accessories, lighting, and more. Apparently, they’re buying off smaller companies in an attempt to become a one-stop-shop for camera support gear. If you’re interested, you can read more details about the acquisition here.
