FARMINGTON HILLS (WWJ) — Revolution Lighting Technologies Inc. (Nasdaq: RVLT), a Stamford, Conn.-based manufacturer of LED lighting technology, has acquired Relume Technologies, a Beringea, LLC portfolio company based in Oxford, Mich. that manufacturers outdoor LED products and smart grid control systems for outdoor lighting applications.
Under the terms of the agreement, Revolution Lighting paid $15 million to acquire the Relume business. About $5 million of the purchase price will be paid in cash with the remaining value of $10 million paid in Revolution Lighting common stock, at a prise of $4.59 a share.
Beringea first invested in Relume in 2009; the exit is the fourth in five months for the private equity group, which includes Beringea’s London, UK affiliate, Beringea LLP.
The company didn’t respond to a phone call asking about the future of its Oxford operations, although Crain’s Detroit Business reported that the Oxford office and its 60 engineering and manufacturing employees will remain in place.
“Revolution Lighting has a vision to provide high quality, efficient and cost effective LED lighting systems through an active distribution network that educates, trains and services our customer base,” said Robert V. LaPenta, chairman and CEO of Revolution Lighting Technologies. “Adding Relume’s expertise in LED outdoor lighting applications significantly enhances Revolution Lighting’s LED product portfolio, and will allow Revolution Lighting to reach new markets and offer new products and services to our existing customers. This acquisition is another step in the right direction for Revolution Lighting as we build a world class LED company that delivers the best results for our customers, employees and all stakeholders.”
Added Relume CEO Crawford Lipsey: “Revolution Lighting’s significant resources will allow Relume to invest in the products, people, technology and equipment necessary to further accelerate our growth in the LED lighting market. Our businesses are an ideal strategic fit and we are confident that our product offering, engineering capabilities and sales resources will support and enhance Revolution Lighting’s business and growth.”
Revolution Lighting designs, manufactures and sells LED lighting focused on the industrial, commercial and government markets in the United States, Canada and internationally. The company’s Seesmart brand sells and installs interior and exterior LED lamps and fixtures; its Lighting Integration Technologies Inc. unit sells and installs Seesmart products; and its Lumificient division supplies LED illumination for the signage industry.
Revolution Lighting Technologies markets and distributes its product through a network of independent sales representatives and distributors, as well as through energy savings companies and national accounts. More at http://www.rvlti.com.
Relume’s technology is used in municipal lighting, commercial signage, outdoor advertising, transportation, and U.S. military applications. Relume’s products are American-made, ISO 9001:2008 certified and carry an industry leading seven year warranty. Relume is a founding member of the Michigan Solid State Lighting Association, and supports the organization’s mission of ensuring that Michigan is a global leader in solid-state lighting, research and development, and manufacturing. More at http://www.relume.com.
Beringea, LLC provides equity and mezzanine debt to small- and-middle market companies. Founded in 1988, the firm is headquartered in Farmington Hills, with an affiliate office in London, England. Beringea invests in portfolio companies operating in a range of sectors, including health care, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products. With flexible capital solutions, extensive investing experience and offices in the U.S. and UK, Beringea’s team offers its portfolio companies the resources to grow their businesses and create value for shareholders. For more information, visit http://www.beringea.com.