Acuity Brands to acquire Juno Lighting Group
By Anthony Capkun
November 5, 2015 – Acuity Brands Inc. announced it will acquire all of the equity interests of Juno Lighting LLC, a unit of Schneider Electric that provides downlighting and track lighting fixtures for residential and commercial applications.
Juno’s product family includes Juno, Indy, AccuLite, Aculux, DanaLite and NaviLite. It operates manufacturing facilities in Des Plaines, Ill., and Fishers, Ind., and generates current annual revenues of about $250 million, says Acuity.
“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,” commented Vernon J. Nagel, Acuity’s chair, president and CEO.
The terms of the agreement reflect a cash purchase price totalling about $385 million, which will be financed utilizing Acuity’s cash on hand. The acquisition is subject to regulatory approvals and other customary closing conditions, and is expected to be completed late 2015.