SYCAMORE, Ill. and SOLON, Ohio – IDEAL Industries, Inc. announced the sale of its Cree Lighting division to CLNA Holdings LLC (“CLNA”), an affiliate of Advanced Lighting Technologies (“ADLT”). CLNA has acquired all of the equity interests of Cree Lighting USA, Cree Lighting Canada Corp., and E-Conolight LLC (together “Cree Lighting”).
Cree Lighting joins the ADLT Lighting Group family (“ALG”), which will generate combined annual sales of approximately $350 million and employ more than 1,375 associates in facilities located across five continents.
The move comes as part of IDEAL Industries’ efforts to align its family of brands with its growth and investment goals, focus areas, and operational models.
This decision to divest Cree Lighting will enable IDEAL Industries, Inc. to streamline its focus on its core ventures while providing the necessary resources and attention to each brand to propel them forward. The IDEAL Industries, Inc. family of brands includes Anderson Power®, Enatel®, and IDEAL® Electrical, all of which play a pivotal role in the company’s overall success. Wells Fargo Securities, LLC served as exclusive financial advisor to IDEAL Industries, Inc.
“We are eager to take this significant step towards optimizing our business operations and strengthening our market position,” said Steve Henn, CEO of IDEAL Industries, Inc. “Cree Lighting has been an integral part of our journey, and we are sincerely grateful for their contributions. However, we believe that this strategic divestiture will position IDEAL Industries, Inc. for accelerated growth and enhance our ability to capitalize on emerging opportunities in the industry.”
Sabu Krishnan, Chief Executive Officer of ADLT, commented, “We are extremely happy to welcome the Cree Lighting team to the ALG family. Given our common history, the acquisition of Cree Lighting represents a homecoming of sorts. Adding the Cree Lighting brand names to the ALG portfolio will enhance the already strong ALG position in the LED products marketplace. This acquisition represents the achievement of another step in an ambitious growth strategy that started with our acquisition of Cree Italy in 2022. Look for more acquisitions in the future.”
“We have a remarkable team, and this strategic move will allow each division to concentrate on its unique strengths, ensuring increased customer satisfaction and organizational efficiency,” added Henn. “Our current family of brands has already proven to be a powerful force in the market, and we are confident that they will continue to position us for the future.”
IDEAL remains open to potential future expansions of its family of brands, seeking opportunities that align with its core values and contribute to its mission of delivering unmatched value to customers and stakeholders alike.
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