Acuity acquired Juno Lighting Group for approximately $385 million, a transaction announced in October 2015, structured as all cash.
Juno Lighting Group operates in Acuity Brands Lighting (ABL), is based in North America - Des Plaines, Illinois and Fishers, Indiana, had revenue of about approximately $250 million annually. Acuity agreed to buy Juno Lighting Group, a maker of downlighting and track-lighting fixtures for residential and commercial use, from Schneider Electric. Juno carried roughly $250 million in annual revenue and operated manufacturing plants in Des Plaines, Illinois and Fishers, Indiana. Announced October 29, 2015, the all-cash purchase of about $385 million was funded from cash on hand and expected to add to Acuity's fiscal 2016 earnings; the deal was set to close in late calendar 2015. Management described Juno's line as highly complementary to its existing portfolio, with minimal product overlap.
Juno broadened Acuity's lighting range into residential and commercial downlighting with a well-recognized brand and little overlap with the existing portfolio, and was expected to be accretive to fiscal 2016 earnings.
complementary product line with minimal overlap, well-recognized brand, accretive to fiscal 2016 earnings Acuity Brands Lighting
We are very excited about this strategic opportunity that will allow us to provide customers with an enhanced and broader set of lighting solutions for both residential and commercial applications. Juno Lighting Group is a widely-recognized and well-respected brand in the industry and its product offering is highly complementary, with minimal overlap, to our industry-leading portfolio.Vernon J. Nagel, Chairman, President and Chief Executive Officer, Acuity Brands
Advisory firms were not disclosed for this transaction.