Lumileds, San Jose, CA, announced that funds affiliated with Apollo Global Management, LLC, and Royal Philips completed their previously disclosed transaction, making Lumileds an independent company.
Philips began divesting its lighting businesses for the automotive, mobile, IoT and illumination segments in 2014. After a deal with GO Scale Capital was cancelled due to concerns raised by the Committee on Foreign Investment in the United States (CFIUS), Philips found another buyer last fall and announced in December 2016 that Apollo and Philips agreed to a transaction where Philips would sell 80.1% interest in Lumileds to certain funds managed by Apollo and retain the remaining 19.9% interest in the company.
Apollo is a global alternative investment manager with assets under management of approximately $197 billion in private equity, credit and real estate funds, invested across a core group of nine industries, where Apollo has considerable knowledge and resources.
“We are fortunate to have Apollo and Philips’ support as Lumileds embarks upon our next chapter as an innovator of high performance LEDs and a leader in advanced lighting solutions,” said Mark Adams, CEO of Lumileds.
Lumileds develops, manufactures and distributes LED technology and advanced lighting products, employing over 9,000 team members with operations in over 32 countries.
“Lumileds has over 100 years of innovation as a pioneer in the lighting industry,” said Robert Seminara, Senior Partner at Apollo. “We look forward to working with the Lumileds Team in support of what we believe will be a very successful future.”