Edison Price Sale Takes Unexpected Turn
Elite Lighting has outbid GE Current and is now in the driver's seat to acquire the assets of Edison Price Lighting.
(NOTE: If another media outlet is claiming exclusivity and demanding credit for posting a 4-sentence story relating to the Edison Price-Elite Lighting matter, that is stupid. There is nothing exclusive or proprietary relating to this information. inside.lighting has been reporting detailed information relating to the EPL bankruptcy for months and has its own sources.)
On Monday October 12, an auction for the assets of Edison Price Lighting was conducted. GE Current, a Daintree Company outbid Lumenwerx. The winning bid was $1,318,300. The expectations were that the Current bid would be approved by the court and within a couple of week's time, the assets of Edison Price Lighting would be owned by Current.
On Wednesday October 14, that plan took a turn at the Sale Hearing conducted in front of Judge Drain at the U.S. Bankruptcy Court of the Southern District of New York. Representatives of Elite Lighting appeared in court and argued to Judge Drain that they didn't have appropriate notice of Edison Price Lighting's asset sale.
Due to the introduction of an eleventh-hour interested party, Judge Drain granted Elite Lighting the opportunity to bid on the assets of Edison Price. The judge ordered a further auction to take place on Thursday October 15, 2020.
On Thursday October 15, the two parties, Current and Elite Lighting, bid on the assets of Edison Price Lighting. Elite Lighting came out on top with a bid of $4.15M -- more than tripling the Current bid that won Monday's auction.
Elite is now the highest and best bid to purchase the assets of Edison Price Lighting. Current is the backup bidder at $4.1M.
The new high bid will be presented to Judge Drain for approval and, barring any additional unexpected events, the assets of Edison Price Lighting will likely become a part of Elite Lighting.
The Elite Lighting & Edison Price match
At the peak of its popularity, Edison Price Lighting was the preferred point source brand of many astute New York City lighting designers. Edison Price track lighting was installed in many of the city’s finest museums. Precision engineered, dual-lamp compact fluorescent $350+ downlight fixtures (complete with Lutron Hi-Lume dimming ballasts) were installed in numerous Fortune 100 company office buildings in the 1990’s.
California-based Elite Lighting is best known for having high-volume, easy to-install, economical downlights and other lighting products. Agencies that succeed with Elite Lighting do so mainly by driving stock and flow sales with electrical distributors. Many of the Elite Lighting agents like ALR, PG Enlighten and Triple C Lighting have good penetration at both distribution and specification levels. The Edison Price brand has lost much of its specification luster since the 1990’s but there is still some value in the brand. Elite Lighting has made a $4.15M investment – buying it on the bankruptcy clearance rack – and we are eager to see how the brand evolves under the new ownership.
Related: Edison Price is Auctioned (Oct 13, 2020)
Related: Edison Price Agrees to Sell Business (Oct 5, 2020)
Related: Edison Price Files Bankruptcy (May 6, 2020)
Summary of the Transaction by Edison Price Lighting
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