Revolution Lighting closes purchase of Relume Technologies

Aug. 28, 2013
Revolution Lighting, Stamford, Conn., acquired Relume Technologies, for $15 million. The acquisition gives Revolution a LED product portfolio for outdoor lighting applications as well as smart grid control systems.

Revolution Lighting Technologies, Stamford, Conn., acquired Relume Technologies, for $15 million. The acquisition gives Revolution a LED product portfolio for outdoor lighting applications and smart grid control systems, which Revolution says will drive new market penetration and accelerate growth.

Revolution Lighting paid a total purchase price of $15 million for the Relume business on a debt-free basis. Approximately $5 million of the purchase price was paid in cash with the remaining value of $10 million paid in Revolution Lighting common stock at a price of $4.59 per share. The transaction is being financed by $5 million in five-year preferred stock issued to RVL LLC, exchangeable into common stock at an exchange rate of $4.59, according to a Revolution Lighting press release.

“Revolution Lighting has a vision to provide high quality, efficient and cost effective LED lighting systems through an active distribution network that educates, trains and services our customer base,” said Robert LaPenta, chairman and CEO of Revolution Lighting Technologies. “Adding Relume’s expertise in LED outdoor lighting applications significantly enhances Revolution Lighting’s LED product portfolio, and will allow Revolution Lighting to reach new markets and offer new products and services to our existing customers.”

Revolution goes to market through its Seesmart brand of interior and exterior LED lamps and fixtures; Lighting Integration Technologies Inc., which sells and installs Seesmart products; and Lumificient, which supplies LED illumination for the signage industry.