Saylite, a portfolio company of CORE Industrial Partners, has acquired Vantage Lighting, a maker of specification-grade LED lighting products. CORE acquired Saylite – then Fleco Industries – in August 2019.
Saylite’s products include a range of LED-based and non-LED lights and controls used in the commercial, industrial, and premium residential markets. Company-owned brand names include Fleco Industries, Texas Fluorescents Reinvented, Mobern, Lights Fantastic, Lights Fantastic Pro, L.I.T.E., and LFP Lighting. Saylite, led by CEO Chris Armstrong, was founded in 1965 by Larry Sayah and is headquartered near Dallas in Carrollton, Texas. The company has 180,000 sq. ft. of manufacturing space and operates four lighting showrooms.
Vantage Lighting is a manufacturer of specification-grade LED recessed downlights, cylinders, and high bays used in commercial, institutional and residential applications. The company’s product specifications include multiple control options, aperture sizes, aesthetic styles, mounting types, light distributions, and lumen packages.
Vantage’s product line also includes visual, biophilic and circadian lighting – sold under the vHealth and BioSync brands – that are used in healthcare applications. Some vHealth lighting products are made from non-ferrous metals to allow for operation in medical imaging rooms. Vantage, led by CEO Steve Kaufman, is headquartered in East Providence, Rhode Island.
“Our new partners bring a lot of value,” said Mr. Kaufman. “CORE has deep operational and financial expertise and is highly committed to our growth strategy. Saylite brings a rich history in linear lighting, strong manufacturing capabilities and significant scale. We are excited to join with them to serve our customers with a broader product portfolio.”
The acquisition of Vantage combines Saylite’s portfolio of linear lighting products with Vantage’s downlighting, cylinder, and high bays; expands Vantage’s healthcare lighting products line; and adds to Saylite’s domestic manufacturing capabilities for adherence to “Buy American” customer requirements.
“Vantage’s downlighting portfolio is highly complementary, with no product overlap, to Saylite’s existing suite of lighting products,” said Frank Papa, a senior partner at CORE. “We are excited to provide our existing customers with a broader offering of products and services.”
Chicago-based CORE makes control equity investments of up to $100 million in North America-based companies that have revenues of up to $200 million and EBITDA of up to $20 million. Sectors of interest include a range of specialty verticals within the manufacturing and industrial technology sectors.
Merrimack Group was the financial advisor to Vantage on this transaction.
© 2023 Private Equity Professional | January 20, 2023
