Lumenpulse is buying Projection Lighting in a £16.6 million deal.
This will mean that the Canadian company will be expanding in to British retail.
The £16.6 million deal includes approximately £2.9 million in working capital. Approximately 50 new employees will join Lumenpulse from Projection as part of the transaction.
Revenues for Projection Lighting in 2013/14 reached £11.3 million. The founder and CEO of Projection Lighting will step down and serve as an advisor.
President and CEO at Lumenpulse, François – Xavier Souvay, said:
We are pleased to join forces with a reputable player in the LED lighting industry. We were drawn to well-designed, versatile and high-performance products, which are in line with the Lumenpulse philosophy. We will also welcome an experienced management team with deep industry knowledge.