LSG Concludes $49M Equity Investment
Lighting Science Group Corporation, one of the world’s premier LED lighting companies, announced September 25, 2012, that it closed on $49 million in preferred stock financing, representing the final tranche of the $168 million in equity financing first announced in May and surpassing the financing commitments disclosed at that time.
The latest funding tranche was provided by Zouk Capital LLP, Europe’s largest dedicated growth equity fund in the cleantech space, and a sovereign wealth fund from the Middle East. They join Riverwood Capital, a globally-focused private equity firm that invests in high-growth businesses in the technology and services industries, and Pegasus Capital Advisors, LP, the company’s majority shareholder, both previous participants in the equity financing.
The funding will be used to finance the company’s growth and enhance its leadership position in the LED lighting market, with a strong focus on continued development of the company’s technology and product pipeline as well as significantly and rapidly improving operational efficiencies. The financing will allow LSG to expand its relationship with key supply chain partners, optimize its working capital management and increase the pace of new product introductions. In addition, LSG intends to invest in its sales and marketing efforts to promote and support its products in an ever-increasing number of channels, assisted by the global commercial networks that LSG’s new investors expect to bring.
The significant equity infusion received by the company from this group of world-class institutional investors is expected to be sufficient to finance Lighting Science Group’s strategy to achieve profitability.
As part of this transaction, the Company has agreed to appoint a director designated by Zouk Capital to fill the current vacancy on the Board of Directors.
About Lighting Science Group Corporation
Lighting Science Group Corporation offers retrofit LED lamps in form factors that match those of traditional lamps or bulbs and LED luminaires designed for a range of applications including public and private infrastructure for both indoor and outdoor use. Lighting Science Group’s Advanced Projects Group business unit designs, develops and manufactures custom LED lighting solutions for architectural and artistic projects.
Lighting Science Group is headquartered in Satellite Beach, Florida; the company’s European operations are based in Middelburg, The Netherlands; and the company has a sales office in Sydney, Australia. Lighting Science Group employs approximately 1000 workers building lighting products from domestic and imported parts.