Revolution Lighting Technologies has acquired Relume Technologies, a manufacturer of outdoor lighting products and smart grid systems based in Oxford, Mich., for $15 million.
Through this acquisition, Revolution Lighting now has a leading LED product portfolio for outdoor lighting applications and smart grid control systems
"Revolution is doing a roll-up in LED lighting, picking up the platforms it doesn't have," Michael Gross, managing director of Beringea's Michigan office and a Relume board member prior to the acquisition, told Xconomy. "They didn't have an outdoor or control platform, so Relume was a good fit."
Revolution paid $5 million in cash and the remaining $10 million to acquire Relume in common stock at a price of $4.59 per share.
"Revolution Lighting has a vision to provide high quality, efficient and cost effective LED lighting systems through an active distribution network that educates, trains and services our customer base," said Robert LaPenta, chairman and CEO of Revolution Lighting Technologies. "Adding Relume's expertise in LED outdoor lighting applications significantly enhances Revolution Lighting's LED product portfolio, and will allow Revolution Lighting to reach new markets and offer new products and services to our existing customers."