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AETI & LSI buy; Albeo gains for LED effort

Purchases and financings of note in the month of March:

Albeo Technologies, which provides LED lighting solutions for industrial/commercial markets, took in $8 million in equity and debt financing recently.

The company says the cash influx would allow it “to increase both the breadth of its LED lighting portfolio and depth of its channel presence.”

American Electric Technologies, Inc. (AETI) has acquired “the technology of” Amnor Technologies of Shepherd, Texas. Amnor provides automation and control systems for land and offshore drilling, marine automation, IP-based CCTV systems, and more.

AETI formed a new automation group. Ron Nance, president of Amnor, will serve as that operation’s vice president and general manager. The transaction price was face down.

LSI Industries said it would acquire Virticus Corp. of Beaverton, Ore. for $3.15 million in cash, with $5.0 million more payable in contingency, or “earn-out,” future payments.

According to LSI’s news release, Virticus, a start-up company, is in the business of automated network control systems and software for the management of indoor and outdoor lighting and lighting systems.

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