"Advanced Lighting Systems is an excellent strategic fit with Nexxus Lighting, not only in terms of LED lighting and fiber optic products, but also with respect to technology and market coverage," stated Mike Bauer, President and CEO of Nexxus Lighting.
At this stage, the companies have signed a non-binding letter of intent, and the transaction is scheduled to close on or before the end of July. Financial details have not been disclosed at this time.
"ALS has an excellent team of people and our strategy is to provide the infrastructure and resources to help them flourish as a brand and accelerate new product development," added Bauer.
The plan is for ALS to remain at its current location and maintain its brand identity under the Nexxus Lighting corporate umbrella. Paul Streitz, will remain as president of Advanced Lighting Systems and will report to Bauer. He will be working closely with the Nexxus Lighting executive team and board of directors on executing the company’s strategic vision to connect advanced technology with light.
"All of us at Advanced Lighting Systems are very excited about becoming a part of the Nexxus Lighting team," said Streitz. "We believe that this is the time for companies like ours to consolidate in order to grow market share.
"As part of the Nexxus Lighting organization we hope to increase the rate of new product development and quickly bring new ALS product designs to market," added Streitz. "This transaction will no doubt show the LED lighting industry that Nexxus Lighting is committed to growing its market share through strategic mergers and acquisitions."
