Performance in Lighting, a leading group in the lighting industry in Italy, acquired a 75% of the share capital of Spittler Group, a German company active in the production and distribution of indoor lighting equipment.
This acquisition is in line with the European expansion strategy implemented by Performance in Lighting with the support of Arietti & Partners, who in 2008 acted as exclusive advisor to this client in the acquisition of Belgian Ed-Dis.
With the acquisition of Spittler, Performance in Lighting significantly strengthens its footprint in the German market as well as its European presence in the indoor lighting sector. Also the product line of Performance in Lighting will significantly widen as a result of the transaction.
The closing took place on 14th September.
As a result of this acquisition, Performance in Lighting will reach a turnover of 135 million euro and 700 employees in 2010.
Arietti & Partners and Angermann M&A International GmbH - the Italian and German teams of M&A International Inc., originated the deal and represented Performance in Lighting throughout the acquisition process.
Saet, with headqarters in Turin, is a key supplier of induction heating equipment to the automotive and wind energy industries.
Arietti & Partners, the Italian team of M&A International Inc., advised the managers of Saet in a successful MBI in May 2006. Following that transaction an ambitious platform building project was launched to create a global leader in the induction industry. In the framework of this expansion strategy, Arietti & Partners advised Saet on the acquisition of an Indian company (Induction Equipment India Ltd) in August 2007.
In February 2009 Saet engaged Arietti & Partners to assist them in the acquisition of Engineering Design & Manufacturing Services Inc. (EDMS). EDMS based in Surgoinsville (Tennessee). EDMS had been targeted by Saet because of its specific know-how and patent rights related to the production of induction equipment for the wind energy industry.
In June 2009, the parties signed the Share Purchase Agreement whereby Saet acquired a majority stake in EDMS. After the expiration of a lock-in-period, a call option may be exercised by Saet for the remaining shares.
The Closing took place at the end of July.