Acuity Brands, Inc. To Acquire Juno Lighting Group
ATLANTA, October 29, 2015 - Acuity Brands, Inc. (NYSE: AYI) ("Company") today announced that it has entered into an agreement to acquire all of the equity interests of Juno Lighting LLC ("Juno Lighting Group"), a leading provider of downlighting and track lighting fixtures for both residential and commercial applications. Juno Lighting Group, a unit of Schneider Electric, serves customers throughout North America, including electrical distributors, lighting showrooms, homecenters, contractors, architects, engineers, lighting designers and commercial facilities. Juno Lighting Group operates manufacturing facilities in Des Plaines, Illinois, and Fishers, Indiana, and generates current annual revenues of approximately $250 million.
Vernon J. Nagel, Chairman, President, and Chief Executive Officer of Acuity Brands, commented, "We are very excited about this strategic opportunity that will allow us to provide customers with an enhanced and broader set of lighting solutions for both residential and commercial applications. Juno Lighting Group is a widely-recognized and well-respected brand in the industry and its product offering is highly complementary, with minimal overlap, to our industry-leading portfolio. We believe the combination of our dynamic businesses and strong leadership teams will provide growth opportunities with key customer sets and benefit our primary sales channel partners in their respective markets. We expect this acquisition will be accretive to our fiscal 2016 earnings while also providing a foundation to enhance the longer-term financial performance of Acuity Brands."
The terms of the agreement reflect a cash purchase price totaling approximately $385 million, which will be financed utilizing Acuity Brands' available cash on hand. The acquisition is subject to regulatory approvals and other customary closing conditions. Management anticipates the acquisition will be completed in late calendar 2015.
About Acuity Brands
Acuity Brands, Inc. is a North American market leader and one of the world's leading providers of indoor and outdoor lighting and energy management solutions. With fiscal year 2015 net sales of $2.7 billion, Acuity Brands employs approximately 8,000 associates and is headquartered in Atlanta, Georgia with operations throughout North America, and in Europe and Asia. The Company's products and solutions are sold under various brands, including Lithonia Lighting®, Holophane®, Peerless®, Gotham®, Mark Architectural Lighting(TM), Winona® Lighting, Healthcare Lighting®, Hydrel®, American Electric Lighting®, Carandini®, Antique Street Lamps(TM), Sunoptics®, RELOC® Wiring Solutions, eldoLED®, Distech Controls®, and Acuity Controls(TM).
About Juno Lighting Group
Juno Lighting Group is a leading manufacturer of lighting fixtures and related products. Since 1976, we have been serving customers throughout North America, including electrical distributors, lighting showrooms, contractors, architects, engineers, lighting designers and commercial facilities. Juno Lighting Group's product family includes six stellar brands which includes Juno®, Indy(TM), AccuLite(TM), Aculux®, DanaLite and NaviLite®, and over 50,000 items for commercial and residential construction and remodeling. Juno Lighting Group's products are designed and engineered in the USA and built to exacting standards of quality and performance. In 2014, Juno Lighting Group generated revenues of $230 million and EBITDA of $32 million.