March 12, 2025
LSI Industries Bolsters Display Business with CBH Acquisition
Three acquisitions in four years signals a strategic shift in lighting & displays business mix
For years, LSI Industries was a lighting company that dabbled in display fixtures. Now, the balance is shifting.
LSI’s latest acquisition—$31 million for Canada’s Best Holdings (CBH) — is more than just another display-focused buyout. With $7 million of that tied to a performance-based earnout, the deal isn’t just about expansion; it’s about proving CBH can deliver. LSI is no longer just bolstering its display segment; it’s redefining itself around it.
Above: LSI Industries business mix, 2020 vs. 2025
The numbers tell the story. As recently as 2020, lighting made up two-thirds of LSI’s revenue, with display solutions accounting for the rest. Recently, that gap has shifted to 60/40 in favor of displays. With CBH in the mix, the display segment could soon expand its revenue share significantly more.
During the same period, from 2020 to 2025, LSI's revenues are on track to nearly double from approximately $300 million to $580+ million, driven by a combination of organic growth and strategic acquisitions.
A Strategic Move, But Not a Game-Changer on Paper
CBH isn’t a massive acquisition by revenue standards. With $24.2 million in annual sales, it represents just 4.2% of the post-acquisition LSI. But its profitability is another story. CBH’s EBITDA margins are significantly higher than LSI’s, making it an immediately accretive deal.
The transaction also expands LSI’s footprint, adding three Canadian facilities and 120 employees, bringing the company’s total workforce to just over 2,000. CBH will operate as an independent brand, maintaining its existing leadership team.
The Bigger Picture: LSI’s Ongoing Pivot
This isn’t an isolated move. In 2021, LSI acquired JSI Store Fixtures for $90 million, gaining a foothold in grocery and convenience store displays. Then in 2024, LSI bought EMI Industries for $50 million, further strengthening its millwork and specialty fixture capabilities. The through-line is clear: LSI is methodically consolidating the display market, targeting businesses that complement its existing offerings while opening doors to new verticals.
CBH, for instance, deepens LSI’s presence in grocery and convenience retail but also expands into financial institutions and specialty retail — areas where LSI previously had little exposure. The company also has a strong foothold in Canada, giving LSI local manufacturing and distribution capabilities for retailers with operations on both sides of the border.
What This Means for LSI’s Lighting Business
So where does lighting fit into all this?
While LSI maintains a significant lighting business, its recent acquisitions suggest that fixtures and displays — often adjacent to lighting projects — are becoming a more lucrative play. The company’s strategy appears to be one of integration: the more entrenched it becomes in a retailer’s store layout and branding, the greater the opportunity to cross-sell lighting and signage solutions.
That said, lighting remains a core piece of LSI’s business. The question is whether future acquisitions will continue to tilt the balance — or if LSI will look to shore up its lighting segment to maintain equilibrium.
