Acuity Brands Adds Juno Lighting

The consolidation and reshuffling of the lighting industry continues to make waves in the electrical market. Acuity Brands, Atlanta, already a dominant player in commercial lighting and other categories, added to its stable of brands with the announcement that it will acquire Juno Lighting Group from Paris-based Schneider Electric.

Acuity said it has an agreement to acquire all of the equity interests of Juno Lighting LLC. Acuity highlighted Juno's strength in downlighting and track lighting fixtures for residential and commercial applications sold through electrical distributors, lighting showrooms, home centers, contractors, architects, engineers, lighting designers and commercial facilities.

Juno Lighting Group operates manufacturing facilities in Des Plaines, Illinois, and Fishers, Indiana, and generates current annual revenues of approximately $250 million.

"We are very excited about this strategic opportunity that will allow us to provide customers with an enhanced and broader set of lighting solutions for both residential and commercial applications," said Acuity Chairman, President and CEO Vernon Nagel. "Juno Lighting Group is a widely-recognized and well-respected brand in the industry and its product offering is highly complementary, with minimal overlap, to our industry-leading portfolio. We believe the combination of our dynamic businesses and strong leadership teams will provide growth opportunities with key customer sets and benefit our primary sales channel partners in their respective markets. We expect this acquisition will be accretive to our fiscal 2016 earnings while also providing a foundation to enhance the longer-term financial performance of Acuity Brands."

The terms of the agreement reflect a cash purchase price totaling approximately $385 million, which will be financed utilizing Acuity Brands' available cash on hand. The acquisition is subject to regulatory approvals and other customary closing conditions. Management anticipates the acquisition will be completed in late calendar 2015.