February 23, 2022
Signify to Acquire Major Australian Lighting Brand
Crikey, mate! Signify makes a significant acquisition Down Under.
Signify has entered into a definitive agreement with Australian-based Gerard Lighting Group to acquire their Pierlite business.
Pierlite, one the better-known lighting brands in Australia and New Zealand, manufactures general lighting and controls products for commercial/industrial indoor and outdoor applications. The company and also markets legacy technology lamp products under the Sylvania name.
According to a 2021 article in the Australian Financial Review, "Pierlite generates approximately $150 million ($108 million USD) in revenue a year. It is also understood to be profitable, with profits in the tens of millions." Terms of the agreement were not disclosed. The acquisition is expected to close in the second quarter, subject to customary closing conditions.
The impending sale represents a continuation of Gerard Lighting Group's portfolio selloff. In 2020, Schréder Australia acquired two of Gerard Lighting Group's portfolio companies – Sylvania and Austube.
“Pierlite” is not to be confused with the Acuity Brands owned "Peerlite" – a U.S. trademark that was granted in 1999 and formerly used as a category of more economical Peerless-brand lighting products.
Below is the announcement from Signify. The press release was posted with very little fanfare on February 9 in the Australia and New Zeland section of the Signify website.
Signify to acquire Pierlite to strengthen position in Australian and New Zealand lighting markets
- Combines the strong R&D and innovation capabilities of a world leader with the significant network of a Pacific-based company with a heritage spanning more than 70 years
- Unites Pierlite’s indoor portfolio with Signify’s comprehensive Philips brand of indoor and outdoor lighting portfolios
- Adds Pierlite’s access to the wholesale channel to Signify’s go-to-market approach and strategy in the Pacific
- Closing is expected in the second quarter, subject to customary closing conditions
Sydney, Australia – Signify (Euronext: LIGHT), the world leader in lighting, today announced that it has entered into a definitive agreement with Australian based Gerard Lighting Group to acquire their Pierlite business. The acquisition is in line with our strategy to expand within highly attractive market segments and will bring together the strong R&D and innovation capabilities of a global leader with the significant expertise and network of a local brand. The union will strengthen our position in the Australian and New Zealand lighting markets and provide us with growth opportunities - including those that exist between Pierlite’s luminaire portfolios and Signify’s connected lighting solutions.
Customers in Australia and New Zealand are early adopters, and can be regarded as pacesetters when it comes to the latest lighting trends around the globe. This transaction will provide them with the best of global and local lighting technologies.
We’re excited to announce our intention to acquire Pierlite, bringing together two companies and brands that have a long history in Australia and New Zealand. Aligning Pierlite’s strong local network and well-recognized brand with Signify’s global brands and expertise will help us to strengthen our position in the Pacific’s lighting market.”- David Gardner, Cluster Leader Pacific at Signify
Combining Pierlite’s strong customer relationships and excellent indoor portfolio with Signify’s comprehensive ‘Philips’ brand of indoor and outdoor portfolios will create a substantial breadth of offer and market coverage in the Pacific region. We also see synergies stemming from alignment with Signify’s ‘Interact’ and ‘Dynalite’ control platform brands. Furthermore, Pierlite has wide access to the wholesale channel that is complementary to our own channel strategy in the Pacific.
“We’re excited to announce our intention to acquire Pierlite, bringing together two companies and brands that have a long history in Australia and New Zealand. Aligning Pierlite’s strong local network and well-recognized brand with Signify’s global brands and expertise will help us to strengthen our position in the Pacific’s lighting market,” said David Gardner, Cluster Leader Pacific at Signify. “Uniting the organisations ensures that we offer best in class global and local solutions for our chosen segments and helps us to answer the growing desire for Australian-made/Australian-owned products, systems and services.”
The acquisition is expected to close in the second quarter, subject to customary closing conditions.
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