The Vitec Group plc ("Vitec" or the "Group"), the international provider of products and solutions to the Broadcast and Photographic markets, announces that it has acquired Rycote Microphone Holdings Ltd. ("Rycote"), for up to £8.5 million in cash.

Based in Stroud, UK, Rycote is a highly respected, market-leading brand, trusted by creative professionals, and a manufacturer of advanced noise reduction equipment for the audio capture market. Audio capture is an integral element in the creation of high quality videos and Vitec's existing customers, whether Broadcasters, Videographers or Independent Content Creators, already buy audio products. There are opportunities across all three of Vitec's divisions to sell Rycote products in conjunction with SmallHD monitors, Teradek transmitters, Flowtech tripods, Anton/Bauer batteries, JOBY GorillaPods and Manfrotto products.

Rycote's unaudited results for the year to 30 April 2018 recorded £3.1 million revenue, with adjusted EBITDA of £0.8 million.

Rycote will become part of Vitec's Creative Solutions Division, led by Nicol Verheem. Simon Davies, Rycote's Managing Director, will remain with the company post acquisition. The acquisition is in line with Vitec's strategy to enter adjacent markets.

Under the terms of the acquisition, the initial cash consideration is £6.0 million on a debt/cash free basis, including deal costs. Up to a further £2.5 million cash consideration will be payable dependent on post-acquisition performance.