Nualight, an Irish energy efficiency lighting company that specializes in lighting for food retail displays, has acquired Lumoluce, an LED lighting technology company based in the Netherlands. The deal will bring Nualight to revenues above €25m for 2011 with more than 200 employees.
The acquisition was funded partly in Nualight shares and partly with an equity issuance led by existing shareholders Climate Change Capital Private Equity and ESB Novusmodus. Further terms of the deal were not disclosed.
The deal accelerates Nualight’s expansion into the accent lighting market for food retail, an early-stage market which is predicted to grow rapidly as food retailers around the world continue to transition to energy-efficient LED lighting. Nualight’s customers include Tesco, Migros, Sainsburys, The Co-operative Group, Tengelmann, Stop and Shop and Carrefour.
Lumoluce, based near Amsterdam, provides Nualight growth opportunities in four additional markets: high-end retail, infrastructure, commercial lighting and drivers.
Dr Liam Kelly, CEO of Nualight, said the transaction is the latest move in his company’s drive to expand its reach and capabilities. “Food retailers today are very focused on deploying new technologies to make their business models as sustainable as possible. In terms of price and performance, LED technology is fast approaching the tipping point for accent lighting in food retail. Through this acquisition, Nualight has acquired a portfolio of products and excellent technology expertise that allows us to move very quickly into accent lighting for food retail and doubles the speed at which we can bring new products to market. It also offers us instant entry into complementary market sectors. We have high growth targets and expect to maintain and build leadership positions in our niche sectors.”
Gerard Kroone, current CEO of Lumoluce, will remain in the company and joins the Nualight Board,
Ireland, Cork & Netherlands, Amsterdam