Mansfield lighting firm sold for £9.75m
Mansfield-based Kingfisher Lighting has been sold to Telford firm Luceco in a deal worth £9.75m.
The deal sees Kingfisher founder and chairman John Harding exit the company, while the management team will stay with the firm.
Luceco is a manufacturer and distributor of LED lighting, wiring accessories and portable power products.
Kingfisher Lighting is a supplier of exterior lighting products, including LED products, high-mast and street lighting systems and controls, as well as a provider of installation and maintenance services. The firm generated net revenue of £11.7m and EBITDA (adjusted for nonrecurring items) of £1.6m, with gross assets of £4.5m, in the financial year ended 31 March 2017.
John and Barbara Harding, chairman, director and major shareholders of Kingfisher Lighting, said: “After 29 years of running the family business, selling the business to Luceco PLC is a big moment in our lives. We’re grateful for the help and support of Sally Saunders and Cooper Parry Corporate Finance, Hugh Strickland at Aaron & Partners and Larraine Boorman of Optima for bringing it to a satisfactory outcome. We believe we’ve passed the business on to secure hands, ensuring its future growth and prosperity for the existing employees of Kingfisher Lighting.”
John Hornby, Luceco chief executive officer, said: “Kingfisher Lighting, with over 29 years’ experience, has an excellent reputation with its customers. By adding Kingfisher Lighting’s highly complementary sales team and outdoor lighting products to our product portfolio, Luceco will be able to further commercialise and deliver enhanced systems and services to both our private and public-sector customers. This first acquisition post our initial public offering demonstrates our capability to access new segments and distribution channels via market consolidation.”
Larraine Boorman, non-executive director at Kingfisher Lighting, and chairman and chief executive at Optima, said: “It’s been great to support Kingfisher Lighting over the last nine years. Together with John and Barbara, we’ve had a strong relationship and seen the business grow and develop over time. It almost feels like we’ve come full circle as we hand the business over to Luceco. We wish the business well in its next stage of growth.”
The Cooper Parry Corporate Finance team was led by corporate finance director, Sally Saunders, who said: “We’re delighted for John, Barbara and all at Kingfisher. We’ve worked with Kingfisher Lighting for a number of years and wish the business all the very best with their future growth plans.”
Hugh Strickland, partner at Aaron & Partners, said: “I’ve been advising John and Barbara at Kingfisher since 2010 – always with a long-term view to a handover of the business in time. It’s wonderful to see their hard work rewarded.”
