Sept 10, 2019
Acuity Brands have announced that its wholly-owned subsidiary, Acuity Brands Lighting has entered into a purchase agreement to acquire all of the equity interests of The Luminaires Group (TLG), a provider of specification-grade luminaires for commercial, institutional, hospitality and municipal markets. Complimenting Acuity's current lighting portfolio. TLG’s indoor and outdoor lighting fixtures are marketed to architects, landscape architects, interior designers and engineers through five niche lighting brands: a-light, Cyclone, Eureka, Luminaire LED and Luminis.
TLG generates annual sales of approximately $100 million and employs over 350 associates located across five locations in the U.S. and Canada. Each TLG brand has its own niche focus: a-light designs and markets indoor architectural lighting to enhance contemporary spaces; Cyclone specializes in high-quality outdoor decorative luminaires for the municipal market; Eureka concentrates on indoor and outdoor contemporary decorative lighting; Luminaire LED offers indoor and outdoor vandal-resistant lighting to withstand both environmental and physical abuse; and Luminis designs a wide range of indoor and outdoor specification lighting products for commercial and institutional applications.
Vernon J. Nagel, Chairman and Chief Executive Officer of Acuity Brands, commented that with the aqusition they will be able to "provide our customers with an extensive catalog of customizable solutions for the specification community for applications of various sizes and complexities requiring innovative approaches, great design and optimum performance.”
Management expects that the acquisition will be immediately accretive to fiscal 2020 earnings. Terms of the purchase agreement are not disclosed. The acquisition is subject to customary closing conditions. Management anticipates the acquisition will be completed by the end of the month.
