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Lumenpulse acquires Projection Lighting

26 June 2014 18.00 BST

(Canada) - £16.6 million deal marks major acceleration of Lumenpulse’s expansion into new markets.

The agreement to acquire Projection, a UK based manufacturer of LED solutions, will enable Lumenpulse to break into the retail, display and architectural lighting markets. As a result of the deal approximately 50 new employees will join Lumenpulse.

"We are pleased to join forces with a reputable player in the LED lighting industry," commented François-Xavier Souvay, President and CEO of Lumenpulse.

"We were drawn to well-designed, versatile and high-performance products, which are in line with the Lumenpulse philosophy. We will also welcome an experienced management team with deep industry knowledge,” he said.

The agreement provides for a total cash consideration of £16.6 million, including working capital of £2.9 million, subject to customary post-closing adjustments.

The transaction is expected to close on July 1, 2014, subject to customary closing conditions.

During the twelve month period ended April 30, 2014, Projection generated revenues of £11.3 million.

Gary Heald, President and CEO of Projection, will serve in an advisory role following completion of the transaction.

"Combining strengths will create added momentum for growth," Heald commented. "By expanding our products into each other's channels and markets, there is great potential for revenue enhancement synergies.

For Lumenpulse, it opens new doors in the retail, hospitality and museum markets, while Projection's products have the possibility to integrate Lumenpulse's proprietary and patented technologies, and access North American channels," Heald concluded.


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