Lumenpulse to Be Taken Private
April 27, 2017
A group led by Lumenpulse founder, President and CEO François-Xavier Souvay (shown in photo) has reached an agreement with Lumenpulse Inc., to acquire all of the common shares. Souvay will serve as President and CEO of the private company and will remain involved in all aspects of the business and operations.
Lumenpulse Inc. is the parent company of Lumenpulse Group, a leading manufacturer of high performance, specification-grade LED lighting solutions. In addition to Souvay, purchasers include several other shareholders and Power Energy Corporation, a subsidiary of Power Corporation of Canada.
“Continuity was very important to me,” says Souvay. “As the founder and CEO of Lumenpulse, I am excited and motivated to continue to lead this great organization. We are still full of energy and ideas, and together with our new partner Power Energy we are ready to take the company to the next level.”
“Power Corporation is pleased to be associating itself with François-Xavier Souvay,” says Olivier Desmarais, Chairman of Power Energy and Senior Vice-President of Power Corporation of Canada. “We have great confidence in his leadership. As the founder and CEO, François-Xavier and his talented entrepreneurial management team have grown this Montreal-based company into an important global player.”
The transaction values the company at approximately $600 million. The $21.25 per share coffered to Lumenpulse shareholders represents a premium of 85.8% to the April 26, 2017 closing price of shares on the Toronto Stock Exchange and a premium of 44.8% to the 90-day volume weighted average price of Lumenpulse shares on the exchange from December 15, 2016 to April 26, 2017.
“This transaction is another important step for Lumenpulse, its shareholders, employees, agents and valued business partners,” says Souvay. “As a private company, we will have the resources and flexibility to continue our growth, increase our focus on innovation and the development of new products, and take another giant step towards becoming a true global leader in the high performance architectural specification grade lighting sector.”
The proposed transaction requires approval of at least 66 2/3% of the votes cast by all holders of Lumenpulse shares. The plan of arrangement is also subject to court approval and the satisfaction of other customary closing conditions, including receipts of regulatory approvals.
Founded in 2006, the Lumenpulse Group designs, develops, manufactures and sells a wide range of high performance and sustainable specification-grade LED lighting solutions for commercial, institutional and urban environments. The Lumenpulse Group is a leading pure-play specification-grade LED lighting solutions provider and has earned many awards and recognitions, including several Product Innovation Awards (PIA), three Next Generation Luminaires Design Awards, two Red Dot Product Design Awards, a Lightfair Innovation Award, and an iF Design Award.
The Lumenpulse Group now has 670 employees worldwide, with corporate headquarters in Montreal and offices in Vancouver, Quebec City, Boston, Paris, Florence, London, and Manchester.
Find out more: www.lumenpulsegroup.com.
