Homenewslighting the way to a successful deal

LIGHTING THE WAY TO A SUCCESSFUL DEAL

Cooper Parry Corporate Finance and Aaron & Partners LLP advise on the sale of Kingfisher Lighting Limited to Luceco PLC. 

Kingfisher Lighting Limited (Kingfisher Lighting), a nationwide UK supplier of exterior lighting products, has been acquired by Luceco PLC (Luceco), a manufacturer and distributor of high-quality and innovative LED lighting, wiring accessories and portable power products. 

Working with law firm, Aaron & Partners, we advised Chairman, Director and major shareholders of Kingfisher Lighting on the sale. Luceco announces it has acquired the entire issued share capital of Kingfisher Lighting for a total cash consideration of £9.75m on a cash-free, debt-free basis. 

The management team of Kingfisher Lighting will remain with the Company and work with Luceco’s management team to integrate and grow the acquired business. The acquisition will be funded through the Group’s existing banking facilities. 

Kingfisher Lighting is a nationwide UK supplier of exterior lighting products, including LED products, high-mast and street lighting systems and controls, as well as a provider of installation and maintenance services. In the financial year ending 31March 2017, Kingfisher Lighting generated net revenue of £11.7m and EBITDA (adjusted for nonrecurring items) of £1.6m, with gross assets of £4.5m. 

What people said 

John and Barbara Harding, Chairman, Director and major shareholders of Kingfisher Lighting, said:

“After 29 years of running the family business, selling the business to Luceco PLC is a big moment in our lives. We’re grateful for the help and support of Sally Saunders and Cooper Parry Corporate Finance, Hugh Strickland at Aaron & Partners and Larraine Boorman of Optima for bringing it to a satisfactory outcome. We believe we’ve passed the business on to secure hands, ensuring its future growth and prosperity for the existing employees of Kingfisher Lighting.” 

Andy Parker, Corporate Finance Partner, said:

“We’re delighted for John, Barbara and all at Kingfisher. We’ve worked with Kingfisher Lighting for a number of years and wish the business all the very best with their future growth plans.” 

Larraine Boorman, Non-Executive Director for Kingfisher Lighting, and Chairman and CEO at Optima, said:

“It’s been great to support Kingfisher Lighting over the last nine years. Together with John and Barbara, we’ve had a strong relationship and seen the business grow and develop over time. It almost feels like we’ve come full circle as we hand the business over to Luceco. We wish the business well in its next stage of growth.” 

Hugh Strickland, Partner at Aaron & Partners LLP, said:

“I’ve been advising John and Barbara at Kingfisher since 2010 – always with a long-term view to a handover of the business in time. It’s wonderful to see their hard work rewarded.” 

John Hornby, Luceco Chief Executive Officer, said:

“Kingfisher Lighting, with over 29 years’ experience, has an excellent reputation with its customers. By adding Kingfisher Lighting’s highly complementary sales team and outdoor lighting products to our product portfolio, Luceco will be able to further commercialise and deliver enhanced systems and services to both our private and public-sector customers. This first acquisition post our initial public offering demonstrates our capability to access new segments and distribution channels via market consolidation.”

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