Italian company Targetti Sankey has become Europe’s third-largest lighting group after buying manufacturer and distributor Louis Poulsen Lighting.

Italian company Targetti Sankey has become Europe’s third-largest lighting group after buying manufacturer and distributor Louis Poulsen Lighting.

Louis Poulsen, which focuses its operations on northern and central Europe and the US, was sold by Polaris Private Equity and merchants Hanssen and Droob for £112.5 million.

The acquired business will continue to operate as an independent unit and led by its chief executive Peter Thorsen, who also joins Targetti Group’s executive management team.

Targetti was advised by Cazenove, KPMG and Plesner while the vendors were supported by FIH Partners, Grant Thornton and Kromann Reumert.