Tue, May 3, 10:47 AM
- Revolution Lighting (RVLT -18.5%) is buying TNT Energy, a Massachusetts-based lighting project contractor serving small business and government clients. The company is paying $10M - $8M in cash plus $2M in promissory notes.
- TNT had 2015 revenue of $25M and adjusted EBITDA of $2.3M. Revolution plans to provide its LED offerings to TNT clients, and says "a significant portion of the purchase price will be amortizable and deductible for federal and state income taxes."
- To pay for the deal, Revolution is selling 2.78M shares at $5.25 apiece (24% below yesterday's close). Underwriters have a 416K-share overallotment option. Gross proceeds will total $14.6M, and net proceeds are expected to total $13.4M.
- Q1 results are due on the morning of May 12.
Aug. 5, 2015, 2:23 PM
- Revolution Lighting (RVLT +3.6%) has acquired Energy Source, a provider of LED lighting installation services for major projects, for $30M - $10M in cash, $10M in stock, and another $10M through a promissory note and 3-year earn-out payments. The cash portion of the deal has been financed via the sale of 8.7M shares to a "non-affiliated investor."
- Energy Sources is respectively expected to have 2015 revenue and adjusted EBITDA of $30M and $4.5M. The deal is expected to be accretive to Revolution's 2H15 EPS.
- Revolution remains higher on an up day for equities.
Mar. 10, 2014, 8:21 AM
- 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)
Nov. 19, 2013, 11:21 AM
- Revolution Lighting (RVLT -4.3%) has acquired Tri-State LED, a distributor of LED Lighting products made by Seesmart, another recent Revolution M&A target (TheStreetSweeper wasn't a fan). Terms are undisclosed; Revolution says it's paying with both cash and stock.
- Revolution claims Tri-State "has a significant client base" across the NY/NJ/CT area, one that includes "municipalities, major school systems, hospitals, convention centers and real estate developers."
- Shares are now down 47% from their July high of $5.50, but still up 360% YTD.
- Previous: Revolution Lighting blasts off following earnings, guidance
Revolution Lighting Technologies, Inc. designs, manufactures, markets and sells LED lighting solutions focusing on the industrial, commercial and government markets in the United States, Canada, and internationally. Its products LED replacement lamps, LED fixtures and LED-based signage,... More
Industry: Communication Equipment
Country: United States