Revolution Lighting Technologies, Inc.NASDAQ
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