Revolution Lighting Technologies, Inc. (Revolution Lighting), a U.S. LED lighting manufacturer, announced that it has closed its acquisition of Relume Technologies (Relume).
Through this acquisition, Revolution Lighting now has a LED product portfolio for outdoor lighting applications and smart grid control systems. Revolution Lighting’s newly acquired LED product portfolio will enable the company to drive new market penetration and accelerate growth.
As previously announced on August 12, 2013, under the terms of the agreement, Revolution Lighting paid a total purchase price of US$ 15 million for the Relume business on a debt-free basis. Approximately US$ 5 million of the purchase price was paid in cash with the remaining value of US$ 10 million paid in Revolution Lighting common stock at a price of US$ 4.59 per share. The transaction is being financed by US$ 5 million in five-year preferred stock issued to RVL LLC, exchangeable into common stock at an exchange rate of US$ 4.59.
“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,” said Robert LaPenta, Chairman and CEO of Revolution Lighting Technologies.
