Well Thursday 24th Feb 2011 has become an important day in the arena of companies that supply to the entertainment market. This was the day that PRG purchased Bytecraft from the troubled Staging Connections Group ending a rather uneasy set up. And from what I can gather from other sources the staff and management at Bytecraft are extremely happy with the new arrangement. PRG are one of the world biggest companies supplying entertainment technology. This is going to shake up the market in Australia but hopefully for the better. What is fascinating is that PRG purchased Bytecraft for a lot less than Staging Connections purchased it for. Originally Staging paid $42.7 million and they sold it to PRG for about $15 million, which is a little bit of a loss. Methinks that Staging may be in a bit of financial bother.
As many of you know Bytecraft has been around for a while, it was founded in 1984 with several offices in Australia. This inovative company was responsible for supplying lighting, drapery, and Superscreen LED systems for large-scale events, as well as theatre, television, theme parks, gaming venues and large outdoor sporting events. We have all seen events that they have been invovled in such as: 2000 Olympics, Grand Prix and many overseas concert acts.
PRG chairman and CEO Jeremiah “Jere” Harris and Bytecraft Managing Director Stephen Found anounced jointly announced the acquisition, which will be completed by the end of March. Stephen Found will continue in a leadership role with the company. to quote “This acquisition will be hugely beneficial to our customers,” said Found. “PRG’s global reach, depth of inventory and technical expertise will provide many opportunities for our existing clients.”
CEO Harris stated: “PRG is a truly global brand, With the acquisition of Bytecraft, we will be able to better serve our existing client’s needs in Australia and the Asia-Pacific region. In addition, Bytecraft and PRG have similar philosophies—both companies provide a multidiscipline, integrated product to our clients. With the addition of Bytecraft, PRG continues to respond to our clients’ desire for a single source solution—audio, video, lighting, scenic, rigging and automation—with experts knowledgeable across market sectors.”
So we should look for more exciting things from the global partnership.