Founded in 1984, with offices in Sydney, Melbourne and Adelaide, Bytecraft Entertainment specialises in supplying lighting, drapery and LED screen systems to a wide range of entertainment and event markets. "This acquisition will be hugely beneficial to our customers," says Found. "PRG's global reach, depth of inventory and technical expertise will provide many opportunities for our existing clients."
PRG chairman and CEO Jere Harris comments: "With the acquisition of Buytecraft, we will be able to better serve our existing clients' needs in Australia and the Asia-Pacific region. In addition, Bytecraft and PRG have similar philosophies - both companies provide a multi-discipline, integrated product to our clients."
Staging Connections Group acquired Bytecraft Entertainment in February 2007 for A$42.5m, almost three times the price now paid for it by PRG. Announcing the agreement in its H1 results to 31 December 2010 on the Australian Stock Exchange today, Staging Connections said the sale would enable them "to concentrate on its core integrated event services and exhibitions businesses, to further reduce debt levels and to augment working capital."
(Lee Baldock)
