| Hubbell Inc., one of the largest US-based lighting manufacturers, has has acquired the Varon Lighting Group, LLC. Financial terms were not disclosed.
Following completion of the transaction, Varon will join Hubbell's Lighting business, which includes lighting brands such as Kim Lighting, Architectural Area Lighting, Kurt Versen, Columbia Lighting, Progress Lighting and Prescolite.
Based in Chicago, Illinois, Varon manufacturers energy-efficient lighting fixtures and controls designed for indoor commercial and industrial lighting retrofits, as well as outdoor new and retrofit pedestrian-scale lighting applications.
"This very large retrofit market is an attractive complement to our existing lighting business, which emphasizes new construction. The acquisition is expected to be accretive to Hubbell's financial results in 2009," said Timothy Powers, chairman, president and CEO of Hubbell Inc.
The Varon Group's four primary brands include: Precision Lighting, Paragon Lighting, Beacon Products and Thomas Research Products. Precision and Paragon focus on commercial and industrial facilities while Beacon specializes in outdoor and public spaces, and has an extensive portfolio of LED fixtures.
The company has manufacturing operations in California, Florida, and Wisconsin and a research and development facility in Illinois.
Hubbell Inc. is an international manufacturer of electrical and electronic products for a broad range of non-residential and residential construction, industrial and utility applications.
Investment company ThinkEquity LLC advised its client, Varon Lighting Group, on its successful acquisition. Robin Graham, co-head of Mergers & Acquisitions at ThinkEquity, said that this was ThinkEquity’s 11th closed M&A transaction this year. |
