Luceco Buys Competitor Kingfisher Lighting for £9.75 Million
The Mansfield-based lighting firm, Kingfisher Lighting, has been acquired by Telford-basaed LED specialists, Luceco PLC, for the price of £9.75 million.
In what may be the perfect deal for retiring chairman of Kingfisher Lighting, John Harding, Luceco has announced the acquisition of 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. 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 LED products, high-mast and street lighting systems and controls, as well as a provider of installation and maintenance services.