Revolution Lighting Technologies Inc., a Stamford-based LED lighting company, recently acquired Value Lighting Inc., a lighting supplier headquartered in Marietta, Ga., to target the multifamily residential housing sector.
Last year, Value Lighting’s revenues were about $43 million, according to a Revolution Lighting press release announcing the closing. This year, its revenue is expected to climb to $55 million, the release said. Revolution Lighting paid $10.5 million in cash, which was financed by RVL L.L.C., and $28.1 million in common stock at a price of about $3.32 per share for more than 8.4 million shares.
“We are excited to close this strategic and complementary acquisition, which will allow Revolution Lighting to penetrate new markets, including the fast-growing multifamily residential housing sector, and further accelerate our overall growth as a company,” said Robert V. LaPenta, chairman and CEO of Revolutions Lighting Technologies, in a statement.
With the acquisition, Revolution Lighting plans to increase its business in the multifamily sector with the use of its products on greenfield and retrofitting projects.
