A specialist designer, manufacturer and distributor of LED lighting has been acquired by a sustainability-focussed private equity (PE) firm with help from Shawbrook Bank.
Collingwood Lighting Technology Group has been acquired by Ambienta – a European PE firm with a focus on environmental investments – for an undisclosed sum.
Northampton-based, Collingwood, designs, manufactures and distributes LED luminaires for residential, landscape and commercial and light industrial applications.
Founded in 1901, the firm is a pioneer in LED lighting having been one of the first in the UK to supply a range of purpose-built LED products for the UK electrical wholesale market.
Ambienta, with offices in Milan, Dusseldorf, London and Paris, is a successful asset manager which is entirely focussed on investments driven by environmental sustainability key drivers, resource efficiency and pollution control.
The PE firm’s backing of Collingwood has been part financed through a “significant” unitranche debt facility from specialist lender, Shawbrook Bank.
Steve Grao, CEO at Collingwood Lighting Technology Group, said:
“I am proud of what Collingwood has achieved so far and I look forward to accelerating growth by taking advantage of the many growth drivers I see on the market, including acquisitions.
“I truly believe Ambienta, as the leading European private equity investor in sustainability, are the right partners to enable Collingwood to reach the next level.”
Founded in 2007, Ambienta is one of the largest and most experienced sustainability investors in the world, managing over €1.5bn of assets.
Matthew Norrington, principal at Ambienta, said:
“We are backing a first-rate and proven management team who have a clear strategic vision and strong ambition to transform Collingwood into a leading pan European LED luminaires provider.
“In supporting this investment, Shawbrook impressed us with their quick understanding of the business, commercial approach and ability to move in a fast and efficient way to help support us in delivering the deal.”
Shawbrook Bank supports sponsor-backed UK SMEs through its unitranche facility and specialist Financial Sponsors team. The unitranche product is designed with speed and simplicity in mind, supporting private equity-backed SMEs through a single lender solution for debt facilities up to £20m.
James Salmon, a Director within Shawbrook’s Financial Sponsors team, said:
“This is an exciting opportunity to support one of Europe’s leading sustainability focussed PE investors in its backing of a great UK business.
“Collingwood is known for its product quality and innovation with LED luminaire technology, where it has established a leading position in the residential downlights and landscape market.
“Ambienta has deep knowledge investing in sustainability-focussed businesses across Europe, and in the LED market in particular.
“As demonstrated through their approach to this investment and dedicated sustainability focus, they are exactly the type of equity house we have built the Shawbrook Financial Sponsors team to support and work with.”
Shawbrook’s legal advisors were Dechert LLP.