US-based private equity firm The Blackstone Group has reached an agreement to buy 44 percent of Leica Camera AG in a deal to be completed by the end of the year, Blackstone and ACM Projektentwicklung GmbH, Leica’s parent company, announced today.
Blackrock investment funds will acquire the stake through a holding company, the announcement said.
In a statement, Dr. Andreas Kaufmann, the chairman of Leica’s supervisory board, called Blackstone “an experienced and internationally established strategic partner.” The deal, which is likely to be completed by the end of the year pending approval from government regulators, will help fund Leica’s “growth plans into new markets such as Asia, South America and the Middle East,” he added. Leica is coming off a 2010/2011 fiscal year when they turned record profits, the company reports.
Axel Herberg, Blackstone senior managing director, also emphasized a focus on emerging markets in his statement. “We are very excited about supporting Leica to secure long-term commercial relationships, specifically in emerging markets, and help strengthen the company¹s operational and retailing capabilities globally,” he said.
Erik Almås nearly lost his life’s work and his house in the fires that swept through northern California in October. On November 12, he wrote in a blog post that the experience changed his perspective on what’s important personally and professionally. And he offered inspiring advice to struggling photographers about how to keep things in... More ›
PDN recently interviewed Bloomberg Pursuits senior photo editor Leonor Mamanna about the type of photography she’s looking for and how she finds photographers. In this video, she talks about the work of two photographers she’s hired recently—Jess Bonham and Lindsay Lauckner Gundlock—and why they were the right photographers for the jobs she assigned. Mamanna also... More ›
The creative call is the initial conference call with an ad agency’s creative director. It is the photographer’s best chance to hear what the client wants, and to gather the information needed to write an estimate for the assignment. It is also the time for a photographer to start offering ideas for how to shoot... More ›