NEP is a leading worldwide provider of outsourced solutions to the broadcast and live event industries, offering technical services for outside broadcast, studio production, video display, host broadcasting and post production. Headquartered in in the United States, NEP has offices in the UK, Ireland, the Netherlands, Dubai and Australia. The acquisition of Mediatec will expand its reach across Europe, and add greatly to their worldwide pool of resources.
"Mediatec is truly a leader in the broadcast and live events industries in Europe, and we are excited to have their entire team join NEP," said NEP CEO Kevin Rabbitt. "We see fantastic opportunity for growth in Europe, and I look forward to working with Paul Henriksen, the managing director of Mediatec Broadcast and Kenneth Paterson, the managing director of Mediatec Solutions, along with both of their teams, to continue to expand their business."
Mediatec is one of Europe's largest providers of integrated technical solutions for event and television productions. Headquartered in Sweden, the company has offices in Norway, Denmark, Finland, Germany, Switzerland and the United Kingdom. Mediatec offers solutions for outside broadcast, studio production and video display, including Northern Europe's largest fleet of new OBs, the world's largest fleet of LED trucks, as well as studios and control rooms, post-production capabilities, wireless and specialty cameras, and flypacks.
Mediatec Broadcast and Mediatec Solutions will continue to operate as separate entities under its current leadership teams. Paul Henriksen and Kenneth Paterson will become members of NEP's senior management team, and will also be invested in the company as shareholders.
"NEP has a reputation for excellence around the globe, and we are excited to become part of their worldwide network," said Paul Henriksen. "We know that this will provide a fantastic opportunity to work within NEP to continue to grow Mediatec's presence throughout Europe and develop smart solutions for our clients."
Kenneth Paterson added, "This is wonderful news for Mediatec's employees and clients alike. As part of NEP's worldwide network, we will be able to offer our clients access to a much deeper pool of resources and technology around the globe - expanding our reach to follow them wherever they go."
With the acquisition of Mediatec, NEP will have over 100 high-definition (HD) outside broadcast units; HD flypacks, satellite uplink trucks; smaller camera systems and other audio visual packages; specialty and wireless cameras; post-production facilities in Dublin, Oslo, Helsinki, Zurich and Munich; studio facilities in Los Angeles, New York, Connecticut, London, Sydney, Melbourne, Oslo and Helsinki; thousands of plasma, LED, and projection video display solutions; a fleet of mobile LED trucks across North America and Europe; as well as an industry-leading team of engineers and technical experts.
This transaction is expected to be completed in the coming weeks. Stella Advisors served as key financial advisors and Wistrand served as key legal advisors to the sellers. Mark Patricof, a member of NEP's Board of Directors, played an advisory role on NEP's behalf, with Jones Day serving as NEP's legal advisors.
NEP expects to finance the acquisition through a combination of incremental borrowings, assumption of Mediatec's existing debt and additional cash contributed by funds managed by Crestview Partners in exchange for common equity, as well as equity contributions by NEP management. Certain existing shareholders of Mediatec are expected to roll-over their equity into NEP. The
