Lumenpulse Acquires Italy-based Exenia
Feb 08 2016
The acquisition expands Lumenpulse’s product portfolio, deepening the company’s presence in the architectural specification-grade indoor LED lighting market, and accelerating its entry into new territory. Exenia is a manufacturer of architectural indoor LED lighting solutions.
The transaction is in line with Lumenpulse’s growth strategy:
• adding complementary LED solutions to the product portfolio and expanding its addressable market
• accelerating entry into the high-performance architectural indoor lighting segment
• providing a strong entry point in Italy for Lumenpulse products with a well-established network of agents and value-added resellers.
Exenia, a privately owned company founded in 2010, has been most active in the Italian and Southern European markets, illuminating a wide range of retail, hospitality and museum environments.
“We share a very similar vision with regards to product design and manufacturing philosophy, and we were drawn to the outstanding design and quality of Exenia’s product families,” says François-Xavier Souvay, President and CEO of Lumenpulse. “They fully complement and expand our Lumenalpha family of products, deepening our penetration into the hospitality market. Our intention is to upgrade these products with Lumenpulse’s proprietary and patented technologies, which would allow us to offer our clients a full suite of connected solutions for architectural specification-grade indoor lighting applications.”
Dario Nistri, Exenia’s Founder and Managing Director, will remain with Exenia as its Managing Director and will manage all of Lumenpulse’s operations in Italy.
The US $14.9 million purchase price (excluding estimated excess working capital of approximately $0.7 million, was paid primarily in cash and by issuance of common shares of Lumenpulse to Exenia shareholders for an aggregate amount of approximately US$3.8 million. The transaction is subject to customary post-closing adjustments and to an additional earn-out payment of up to approximately US$1.5 million, which may become payable to the sellers depending on the achievement of certain financial targets for calendar year 2016.
