Revolution Lighting to buy Value Lighting; shares jump


Revolution Lighting Technologies (RVLT) has agreed to acquire Value Lighting and certain affiliates for $35.6M plus $3.5M in debt in a cash and stock deal. Revolution Lighting could make further payments of up to $10M in milestones.

Revolution Lighting expects to receive at least $9M of working capital in the deal, which allows the company to enter the "fast growing multifamily residential housing sector."

Value Lighting generated 2013 revenues of $43M and expects sales of $55M in 2014, with EBITDA in excess of 12% in both years.

Revolution Lighting's shares surge 14.9%. (PR)

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