Luxonic has and Glamox entered into an agreement and successfully closed the acquisition of 100% of the shares in Luxonic Group Ltd. (“Luxonic Lighting”) and its subsidiaries. Established in 1986, Luxonic is a UK based lighting company with a strong brand and its own manufacturing plant located in Basingstoke, UK. Glamox has been present with its own subsidiary in the UK since 1967. The acquisition strengthens Glamox’ and Luxonic’s combined position in the UK lighting market with complementary sales reach and product offering.
Luxonic had revenues of GBP 16.7m in 2018. Glamox pays GBP 10.15m on a cash and debt free basis as an initial payment for 100% of the shares of Luxonic Lighting. An additional earn-out of GBP 6.75m can be paid conditional on the company’s performance in 2019 and 2020.
Rune E. Marthinussen, CEO of Glamox, commented: “We are excited about this strategic opportunity that will allow us to further strengthen our position in the UK lighting market. The UK market is one of the largest lighting markets in Europe and Luxonic Lighting is a strong system solution provider with a high service level and local manufacturing that is highly recognized by customers.”
Nick Tavaré, Managing Director of Luxonic Lighting, commented: “We are very pleased to become part of the Glamox Group. The acquisition marks the start of an exciting new phase for Luxonic Lighting moving from 33 years as an independent business to being part of an international group with all the advantages that brings but without losing our well-established identity in the UK. We look forward to further serving our existing and new clients by providing them an even stronger offering through the support of Glamox.”