LED lighting business Nualight has bought out Dutch business Lumoluce, bringing its revenues above €25 million (£21.6 million) for 2011.
LED lighting business Nualight has bought out Dutch business Lumoluce, bringing its revenues above €25 million (£21.6 million) for 2011.
Ireland-based Nualight has operations in the US and its headquarters in Cork. The €11 million deal is said to ‘accelerate’ its expansion into the accent lighting market for food retail.
Accent lighting spotlights high-margin fresh food such as fruit, vegetables, meat and fish.
Nualight has customers including French supermarket chain Carrefour, Walmart-owned ASDA and British giant Tesco.
Liam Kelly, chief executive officer of Naulight, comments: ‘Food retailers today are very focused on deploying new technologies to make their business models as sustainable as possible.
‘Through this acquisition, Nualight has acquired a portfolio of products and excellent technology expertise that allows us to move very quickly into accent lighting for food retail and doubles the speed at which we can bring new products to market.’
According to a statement the purchase allows Nualight growth opportunities in four extra markets: high-end retail, infrastructure, commercial lighting and drivers.
Gerard Kroone, chief executive officer of Lumoluce, says: ‘In recent years we have developed a particular expertise in LED technology which is underpinned by innovation and application-specific lighting products, just like Nualight.
‘This deal will create a combined company with an enhanced expertise, responsiveness and reach that will create new and exciting market opportunities.’
Under the terms of the deal Kroone is to remain in the company and will join the Nualight board.
The acquisition was funded partly in Nualight shares and partly with an equity issuance led by existing shareholders Climate Change Private Equity (CPE) and EXB Novusmodus.
CPE is a €200 million European private equity fund that invests expansion capital in high growth, later stage companies and buy-outs in the clean power, clean transport, energy efficiency and waste recovery sectors.
