PowerSecure strengthens LED business with takeover of Solais Lighting
“The expertise Solais has demonstrated in developing innovative technology in parallel with some of the most effective sourcing, procurement and manufacturing in the industry will provide us with catalysts to accelerate the growth and profitability of our LED lighting business,” said Sidney Hinton, chief executive officer of PowerSecure.
PowerSecure expects the transaction to be slightly accretive to revenues and earnings in 2013 (subject to finalization of accounting related to the amortization of intangible assets) and meaningfully accretive in subsequent years.
“There is tremendous synergy between our companies. With this merger, we combine the breadth, strength, innovation and success of PowerSecure with the business of Solais to accelerate our growth in the marketplace and better serve our clients. In addition, we can apply our efficient manufacturing expertise and proprietary technologies to enhance the value of PowerSecure’s overall LED lighting portfolio,” said James Leahy, chief executive officer of Solais.
Additional information is available at www.powersecure.com .
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