Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) (“Revolution Lighting”), a leader in advanced LED lighting technology, today announced it has entered into a definitive agreement to acquire Relume Technologies (“Relume”), a leading manufacturer of outdoor LED products and smart grid control systems for outdoor lighting applications.
Under the terms of the agreement, Revolution Lighting will pay a total purchase price of $15 million for the Relume business on a debt-free basis and with a minimal level of working capital. Approximately $5 million of the purchase price will be paid in cash with the remaining value of $10 million paid in Revolution Lighting common stock.
“Both Revolution Lighting and Relume share a mutual vision to providing high quality, efficient and cost effective LED lighting systems through an active distribution network that educates, trains and services our customer base,” said Robert V. LaPenta, Chairman and Chief Executive Officer of Revolution Lighting Technologies. “Relume’s leadership in LED outdoor lighting applications will complement Revolution Lighting’s current LED product portfolio, allowing us to reach new markets and offer new products and services to our existing customers.”
While Revolution Lighting’s products are primarily focused on indoor applications, Relume serves several outdoor LED markets, including municipal street and roadway lights, parking lots and garages, pedestrian areas, buildings and outdoor advertising displays. More than 75% of Relume’s business is made up of outdoor lighting, with the remaining part of the business split between smart grid control systems, and LED lighting for media and signage. In addition, Relume’s patented Silver Circuitry™ process for LED thermal management offers the first seven-year LED warranty, adding significant value to Revolution Lighting customers by improving LED performance, lowering operating temperature and extending LED life.“Combining Relume’s LED lighting applications with the suite of products offered by our existing Lumificient and Seesmart brands will help drive new market penetration,” added Charlie Schafer, President and Chief Financial Officer of Revolution Lighting. “Their demonstrated ability to deliver significant value to its sales force and customers will play a key role in contributing to and accelerating our profitable growth. We look forward to working closely with Relume’s highly experienced team members to execute on our shared vision as we build a world class LED company that delivers the best results for our customers, employees and all stakeholders.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV