Canadian LED specialist Lumenpulse has acquired Exenia, the Italian architectural indoor LED lighting solutions manufacturer. The purchase price was $14.9 million (€9.9 million).
The move marks the next phase of Lumenpulse’s growth strategy, adding complementary LED solutions to its product portfolio and expanding its market. The deal accelerates Lumenpulse’s entry into the high-performance architectural indoor lighting segment and offers an entry point in Italy for Lumenpulse products.
Exenia, a privately owned company founded in 2010, has been most active in the Italian and southern European markets, particularly in the retail, hospitality and museum sectors.
“We share a very similar vision with regards to product design and manufacturing philosophy, and we were drawn to the outstanding design and quality of Exenia’s product families,” said François-Xavier Souvay, president and CEO of Lumenpulse. “They fully complement and expand our Lumenalpha family of products, deepening our penetration into the hospitality market.”
Lumenpulse intends to upgrade Exenia’s products with Lumenpulse’s proprietary and patented technologies to offer clients a full suite of connected solutions for architectural specification-grade indoor lighting applications.
“With our strong network of agents and VARs in North America and the UK, there is great potential to propel these high-performance products beyond current markets and drive profitable revenue growth. The acquisition also gives us the opportunity to welcome a dynamic management team with many years of experience in the international lighting industry. We’re delighted to be joining forces with Exenia,” said Souvay.
Dario Nistri, Exenia’s founder and managing director, will stay on and manage all of Lumenpulse’s operations in Italy. “By joining Lumenpulse, we will be able to combine our respective strengths with the objective of accelerating our growth both in Italy and internationally,” said Nistri.
Trailing 12-month revenues for Exenia were approximately $12.6 million (€8.4 million) for the period ended 30 November 2015 with EBITDA of approximately $1.9 million (€1.3 million), or approximately 15%.
Lumenpulse expects the transaction to have a “neutral to slightly accretive impact” on its consolidated earnings per share for the current fiscal year, and to start delivering its full benefit in the next fiscal year.