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PRESS RELEASE: Beringea announces exit from portfolio company Relume Technologies
August 26, 2013
FARMINGTON HILLS, Mich. — Revolution Lighting Technologies, Inc. (“Revolution Lighting”) (NASDAQ: RVLT), a leader in advanced LED lighting technology, has acquired Relume Technologies (“Relume”), 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; approximately $5 million of the purchase price will be paid in cash with the remaining value of $10 million paid in Revolution Lighting common stock. 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.
“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 Chief Executive Officer 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.”
LaPenta concluded, “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.”
“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,” said Crawford Lipsey, CEO for Relume. “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.”
About Revolution Lighting Technologies Inc.
Revolution Lighting Technologies, Inc. is a leader in the design, manufacture, marketing, and sale of light emitting diode (LED) lighting solutions focusing on the industrial, commercial and government markets in the United States, Canada, and internationally. Through advanced technology and aggressive new product development, Revolution Lighting has created an innovative, multi-brand, lighting company that offers a comprehensive advanced product platform. The company goes to market through its Seesmart brand, which designs, engineers and manufactures an extensive line of high-quality interior and exterior LED lamps and fixtures; Lighting Integration Technologies Inc., which sells and installs Seesmart products; and Lumificient, which 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. Revolution Lighting Technologies trades on the NASDAQ under the ticker RVLT. For additional information, please visit: www.rvlti.com.
About Relume Technologies
Relume Technologies is a Mich.-based manufacturer of highly efficient, environmentally friendly, and cost effective LED lighting products and control systems. The company’s innovative 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. Relume was recently recognized as one of Michigan’s 50 Companies to Watch by the Edward Lowe Foundation. For additional information, please visit: www.relume.com.
Beringea, LLC provides equity and/or mezzanine debt to small- and-middle market companies. The Firm, which includes Michigan-based Beringea, LLC and its London, UK office Beringea LLP, invests in portfolio companies operating in a range of sectors, including health care, clean technology, 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 www.beringea.com.
In the United States of America, Beringea operates as an SEC-registered investment advisor, Beringea, LLC. In the United Kingdom, this document is issued by Beringea LLP, a firm authorized and regulated by the Financial Conduct Authority. Beringea LLP is a limited liability partnership registered in England and Wales with company number OC342919, and its registered office is at 39 Earlham Street, London, WC2H 9LT, UK. This document is intended solely to provide information regarding Beringea’s potential financing capabilities for prospective portfolio companies.