22 June 2017
Investec and Bain Capital Credit invest in strong future for Gerard Lighting
Leading Australian lighting solutions company, Gerard Lighting, has reaffirmed its plans for growth following an agreement with a consortium led by Investec and Bain Capital Credit to assume full ownership of the business from CHAMP Private Equity.
The acquisition, led by two of Gerard Lighting’s long-standing investors, will ensure a strong and stable future for the business, significantly reducing debt levels and enabling the redeployment of capital towards growth opportunities across its key market segments. The consortium will invest new capital into the business as part of the agreement.
Gerard Lighting is the leading supplier in Australia and New Zealand of lighting solutions for the commercial, trade and residential markets, in addition to large-scale construction and infrastructure projects where it is well positioned to capitalise on the growing number of current and proposed infrastructure projects.
The company’s CEO, Les Patterson, said that the new ownership model was a clear vote of confidence in the business, both for its strong market position and its significant growth potential.
“Whether it’s at home or at work, in supermarkets, hospitals and sporting stadiums, or in parks and roadways, our well-known brands including PIERLITE™, SYLVANIA™, CROMPTON™ and DIGINET™ are an intrinsic part of peoples’ everyday lives,” he said.
Mr Patterson said it would be business-as-usual for customers, with no change to people, processes or operations under the new ownership model.
“We’ve made significant improvements over the past few years to get the business in the right shape, including investing in our people, systems, logistics and digital capability to put ourselves ahead of the curve and keep delivering for our customers across Australia and New Zealand,” he said.
“We’re delighted to extend the partnership with Investec and Bain Capital Credit – both of which share our vision for growth and will inject fresh capital into the business. We’re more than double the size of our next competitor and, with the support of the consortium, we’re well-placed to leverage our strong position in each of our key market segments,” Mr Patterson said.
The change of ownership is expected to result in changes to the composition of the Gerard Lighting Board, with new appointments to be announced in due course.
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Further media information:
Six O’Clock Advisory
Jim Stiliadis, 0414 534 703
Siobhan Koopmans, 0430 062 288
About Gerard Lighting
Gerard Lighting is the company behind Australia's leading range of lighting brands for the commercial, trade and residential markets including PIERLITE™, SYLVANIA™, CROMPTON™ and DIGINET™, as well as various specialty brands such as Inlite, Retailite, Integrated, Concord, Austube, Siteco, Disano and Side. The company has been operating for more than 100 years, with some 600 employees delivering world-class lighting design, engineering, manufacturing and distribution across Australia and New Zealand. Gerard Lighting is the leading provider of lighting solutions for the large-scale construction and infrastructure development sectors. More information about Gerard Lighting is available at www.gerardlighting.com.au. PIERLITE™, SYLVANIA™, CROMPTON™ and DIGINET™ are registered trademarks of Gerard Lighting Group P/L ABN 141 079.
About Bain Capital Credit
Bain Capital Credit (www.baincapitalcredit.com), founded as Sankaty Advisors in 1998, invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities. Our team of more than 200 professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.
About Investec Australia
Investec Australia provides advice, capital and hedging products to High Net Worth, Corporate and Institutional clients; and invests in and manages real assets on behalf of third parties. In Australia, we focus on our core areas of Aviation, Corporate & Acquisition Finance, Financial Markets, Infrastructure Finance & Investment, Resources, Corporate Advisory, Emerging Companies, Property and Asset Management. As a specialist provider we deliver local knowledge and expertise, backed by the strength of the global brand. Investec Australia provides a gateway to the Investec Group, delivering clients global capability, products and solutions supported by a local team of experts, who understand your business and are empowered to make decisions quickly. We believe in long term, mutually-beneficial relationships where we, as a trusted adviser, grow as our clients grow. www.investec.com.au