Acuity Brands expanded its minority stake in Renaissance Lighting acquiring the remaining outstanding capital stock for an undisclosed cash payment. The deal gives Acuity outright ownership of Renaissance's luminaire line and extensive intellectual property portfolio related to LED-based optical technology. Acuity also announced a separate intellectual property acquisition including patents that had been exclusively licensed to Renaissance.
Acuity had previously invested $9.1 million in Renaissance and received a license to certain intellectual property including the Constructive Occlusion optical system that is used in the Gotham (an Acuity Brand) Ecos downlight luminaire family. Now Acuity will have full access to Renaissance's LED-based solid-state lighting (SSL) portfolio.
"The acquisition of Renaissance and the purchase of related intellectual property support the Company's strategy to deliver superior, technologically-advanced lighting solutions," said Vernon J. Nagel, Chairman, President, and Chief Executive Officer of Acuity Brands. "This acquisition will extend our innovation capabilities in solid-state lighting and controls, enabling Acuity Brands to continue to deliver leading-edge lighting solutions to the market."
Acuity did not reveal the name of the company from which it acquired the intellectual property that had been previously licensed to Renaissance. It did say that the acquisition would add to its capabilities in the sensor and adaptive controls area.
The announcement of the acquisition didn't specify how Renaissance would be integrated into Accuity Brands, but it will likely join the roster of individual brands that live under the Acuity Brands Lighting banner. Presently, that roster includes Lithonia Lighting, Peerless, American Electric Lighting, Gotham, Roam and several more.
"The merger into Acuity Brands is a tremendous opportunity to broaden the impact of Renaissance's technology as it is showcased in Acuity Brands' expansive lighting and controls portfolio," said Barry Weinbaum, Chief Executive Officer of Renaissance Lighting. "Since its inception in 2005, Renaissance has amassed a high-caliber team with exceptional vision about the future of lighting and has developed a patent portfolio to foster the realization of that vision."