The remaining shares are owned by minority shareholders.
According to a press release issued by Norway-based projectiondesign, the combination of the two companies “creates a market leader in projection solutions for both large- and mid-venue markets. The transaction advances Barco’s strategy to expand into the mid-segment of its target markets and to strengthen its number one position in high-performance projection technology.”
“Barco, being a European-based world leader in large venue projection, is the perfect match for projectiondesign. Barco represents world class competencies in 3-chip DLP while projectiondesign is well renowned for its innovative 1-chip DLP projectors,” says Jørn Eriksen, president of projectiondesign. “Together we combine an unsurpassed line-up of highly competitive premium projectors for mid- and large venues, with the broadest distribution across both specialty and corporate AV markets.
“This was an unusual opportunity to join forces with one of the strongest players in the projection industry, which we simply could not ignore”.
The companies also say the acquisition makes sense from a geographical standpoint as projectiondesign has a strong presence in Northern Europe while Barco has strong sales coverage in Asia, Latin America and Europe. Barco also says the deal will help it increase its coverage in North America.
“projectiondesign is a very well respected leader for projectors in the below 10k lumens range for professional markets. The company enjoys an enviable reputation for combining innovative technology with leading design,” says Eric Van Zele, Barco’s CEO and president. “This investment clearly underscores our determination to pursue global growth in all mid-segment markets. With projectiondesign, we will expand our portfolio to offer state-of-the-art solutions for the simulation, virtual reality and corporate AV markets as we continue to leverage our global sales coverage and our channels in Asia and Latin America in particular.”
“Herkules acquired the majority share of projectiondesign [in] late 2009 and has successfully implemented the investment strategy based on commercialisation and professionalization of the company,” says Patrik Bø Egeland, partner at Herkules Capital. “Barco contacted the owners with a proposal that was strategically right for the company. Barco and projectiondesign show a unique natural and cultural match, while their technology offering and geographical coverage are very complementary. Barco has shown a serious commitment to strengthen their position in pojectiondesign’s segment, and we are therefore confident that Barco will be a good owner of projectiondesign going forward”.