SloanLED, a portfolio company of Baird Capital, has acquired Litecorr. Baird Capital acquired SloanLED in May 2015.
Litecorr is a developer and manufacturer of lighting emitting diode (LED) lighting products that are used in a variety of applications across a range of industries. The company’s products are designed to replace traditional high energy consumption lighting with next-generation LED lighting to optimize lighting brightness levels and reduce energy use.
Litecorr was founded in 1984 and is headquartered near Toronto in Mississauga, ON (www.litecorr.com).
SloanLED is a manufacturer of LED-based products that are used in sign and architectural applications (channel letter lighting, lighting for cabinets and boxes, border tubing and accents); lighting systems (retail storefront exteriors and refrigerated display systems); indicator lights (aviation/avionics, industrial controls, electronic instrumentation, and elevators); and spa lighting (includes color-changing LED systems for hot-water spa tubs, lenses, controllers and power supplies). The company was founded in 1957 and entered the LED market in 1970. SloanLED is led by CEO Ervin Cash and is headquartered in Ventura, CA (www.sloanled.com).
According to Baird Capital, the combination of SloanLED and Litecorr will form a company that can provide end-to-end sign and lighting systems specific to key industry verticals including consumer services; financial services; food and grocery; hospitality; convenience stores; retail; stadiums and theaters; and transit. The increased portfolio breadth will support more applications and deliver turnkey solutions with improved ROI to customers for LED retrofit projects. “Combining SloanLED’s products and capabilities with Litecorr’s will achieve an even better ROI for customers,” said Michael Singh, Chairman of Litecorr. “We will now have the capacity to provide more options for a broader set of customers and I am very excited about the opportunities that lie ahead.”
“Michael Singh is a pioneer in the lighting industry,” said Andrew Brickman, Partner, Baird Capital. “After actively following this sector for several years and working with SloanLED since 2015, we are thrilled to continue our expansion by acquiring Litecorr.”
Baird Capital makes venture capital, growth equity and private equity investments in the healthcare, industrial products and services, and technology services sectors. The firm was founded in 1989 and is based in Chicago with additional offices in Milwaukee, London and Shanghai (www.bairdcapital.com).
© 2018 Private Equity Professional | February 27, 2018