Luceco PLC Acquisition (9633Q)
September 18 2017 - 1:00AM
UK Regulatory
TIDMLUCE
RNS Number : 9633Q
Luceco PLC
18 September 2017
Luceco plc ("Luceco" or "the Group")
Luceco acquires Kingfisher Lighting for GBP9.75m
Luceco, the manufacturer and distributor of high-quality and
innovative LED lighting products, wiring accessories and portable
power products, announces it has acquired the entire issued share
capital of Kingfisher Lighting Limited ("Kingfisher Lighting") from
its retiring founder and other minority shareholders (which
includes employees) for a total cash consideration of GBP9.75m on a
cash-free, debt-free basis. The acquisition will be funded through
an increase to the Group's existing banking facilities. The Board
of Directors expects the transaction to be EPS accretive in the
first full year of ownership.
Kingfisher Lighting is a nationwide UK supplier of exterior
lighting products, including road and street LED lighting systems
and controls, and high mast LED luminaires, as well as a provider
of installation and maintenance services. Kingfisher Lighting
supplies over 70,000 lighting fittings and over 15,000 columns and
masts annually to UK wholesalers, contractors, specifiers and local
authority customers, and operates from Mansfield, Nottinghamshire,
with 71 employees. For the financial year ended 31 March 2017,
Kingfisher Lighting generated net revenue of GBP11.7m and EBITDA
(adjusted for non-recurring items) of GBP1.6m, with gross assets of
GBP4.5m.
The management team of Kingfisher Lighting will remain with the
Group and work with Luceco's management team to integrate and grow
the business.
John Hornby, Luceco Chief Executive Officer, said: "Having spent
over 29 years in business, Kingfisher Lighting has an excellent
reputation with its customers. By adding Kingfisher Lighting's
highly regarded sales team and complementary outdoor lighting
products to our portfolio, Luceco will be able to deliver enhanced
systems and services to both our private and public sector
customers.
This first acquisition following our IPO is part of our strategy
to access new segments and distribution channels via market
consolidation."
Further enquiries:
For further information, please contact
Luceco plc via MHP Communications
John Hornby, Chief Executive
Officer
David Main, Chief Financial Officer
MHP Communications 020 3128 8100
Tim Rowntree
James White
Ollie Hoare
This announcement contains inside information
Notes to Editors:
Luceco is a rapidly growing manufacturer and distributor of high
quality and innovative LED lighting products and wiring accessories
for a global customer base.
The Group supplies trade distributors, retailers, wholesalers
and project developers with a wide range of products which broadly
fall into the following market recognised brands:
- Luceco: energy efficient LED lighting products and associated
accessories;
- British General (BG): wiring accessories (including switches,
sockets), circuit protection and cable management products;
- Masterplug: cable reels, extension leads, surge protection,
timers and adaptor products; and
- Ross: television wall mounts, audio visual accessories and
other items.
The Luceco LED lighting brand continues to benefit from the
disruptive shift away from mature lighting technologies as a result
of the material advancement in LED technology in recent years. The
brand has continued to successfully leverage the Group's existing
customer base and low cost Chinese manufacturing facility.
Consequently, it remains well positioned to build on its impressive
organic growth trajectory to date.
In the electrical wiring accessories market, Luceco's BG and
Masterplug brands have continued to reinforce their market leading
positions through further new product development initiatives,
expanding into new product adjacencies and gaining market
share.
END
This information is provided by RNS
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