Significant acquisition brightens prospects for lighting group
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Lighting group Luceco has made a £16.9m acquisition just weeks after agreeing a refinancing that positioned the manufacturer for growth.
It has bought DW Windsor Group, a Hertfordshire-based company which specialises in outdoor lighting and networking.
John Hornby, chief executive of Luceco, said: “DW Windsor is one of the strongest brands in the UK’s specification exterior lighting industry with a strong track record of delivery on public sector lighting projects and impressive network technology credentials.”
Luceco supplies the trade and retailers with lighting and power products in three main areas – wiring accessories under the British General brand, LED lighting products as Luceco and Kingfisher Lighting, and portable power products such as leads and chargers through its Masterplug brand.
Hornby added: “It is highly complementary with the group’s Kingfisher Lighting business, which supplies non-public sector projects, and we are excited about the opportunity to offer the expanded product portfolio to both customer groups.”
DW Windsor Group’s chief executive Terry Dean said the merger will “support the next phase of growth” for the £24m-turnover business.
The business will continue to operate from its existing headquarters in Hoddesdon and the senior management team will remain with the business post-acquisition.
Luceco has enjoyed strong growth during the past two years, reflected by its share price being almost three times higher than in the pre-pandemic winter of 2019-20.
In September it reported sales had risen by half, to £108m, while profits doubled to nearly £20m. Earlier this month it revealed it had refinanced, replacing a £50m asset-backed arrangement with an initial £80m of committed lending and the option of a £40m accordion facility.