Fagerhult completes acquisition in South Africa

Fagerhult of Sweden has completed the acquisition of the assets of Lighting Innovations based in Port Elizabeth, South Africa, and the assets of the subsidiary companies Beacon Lighting and Arrow Lighting. The acquisition is expected to have a positive effect on the earnings per share during 2016 and forward.
The three companies have 210 employees and manufacture lighting fixtures and solutions primarily for the indoor commercial sector. Typical application areas include commercial offices, retail, hospitals and educational buildings. In the year ending June 2015, the companies had a combined sales of approximately 13MEUR.
“One key element of our strategy is to increase our market position in emerging markets. With this acquisition we gain access to the South African market and several interesting growth opportunities within the dynamic Sub Saharan Africa region. I am also very pleased that Mr Craig Waddell will remain with the company in the position of Managing Director and continue to build on the strong platform that he and especially his father, Mr Bruce Waddell, has established since founding the company,” commented Johan Hjertonsson, CEO Fagerhult.