LEGACY GROUP LIGHTING HAS ACQUIRED CREATIVE LIGHTING SOLUTIONS
Birmingham, Michigan – March 28, 2014 – Angle Advisors is pleased to announce that Legacy Group Lighting, LLC (“Legacy”) has acquired Creative Lighting Solutions, LLC (“CLS” or the “Company”) from Revstone Industries, LLC (“Revstone”). Angle Advisors acted as the exclusive investment banking advisor to CLS and Revstone in completing this transaction.
Based in Pompano Beach, FL, CLS is a recognized supplier of exterior lighting products and related components primarily serving automotive OEMs and Tier-1 suppliers. Products include wire harnesses, LED light assemblies, lens/reflector assemblies, and signal lights. With over 300 employees, the Company’s production operations located in the Dominican Republic include plastic injection molding, assembly, welding, soldering, and wire processing capabilities.
John C. DiDonato, Managing Director of Huron Consulting Group and Chief Restructuring Officer of Revstone said, “Revstone’s re-organization is focused upon realizing full value for its assets and those of its operating subsidiaries. Creative Lighting Solutions is yet another example of realizing value from assets where interest from obvious buyers was trumped through diligent buyer development efforts. Angle Advisors reported to our independent managers weekly without fail, accomplished our value and timing goals with a strategic process, and executed quickly, professionally and seamlessly in concert with the Huron team.”
Seneka Automotive, LLC (“Seneka”), a Michigan-based company with a global footprint in the automotive manufacturing sector, acquired the assets of CLS through its majority-owned subsidiary, Legacy Group Lighting. Dr. Sena Yaddehige, Chairman of Seneka, commented, “Seneka believes the automobile industry, and more specifically the original equipment manufacturing base, is primed for the type of cost sensitive and efficient procedures Seneka will bring to market. This acquisition is merely the beginning of a more expansive strategy.” Dr. Yaddehige also stated, “We are prepared to ramp up production, all the while maintaining the continued quality and customer service we deemed so attractive in acquiring the assets of Creative Lighting Solutions. You will hear a lot more about Seneka Automotive in the near future.” Seneka was advised on the transaction by Falcon Group, Inc., a corporate advisory firm in Farmington Hills, Michigan and Paesano Akkashian, P.C., a corporate and securities law firm in Bloomfield Hills, Michigan.
Angle Advisors, with offices in the United States, Germany, the United Kingdom, and China, specializes in mergers and acquisitions with a particular emphasis on the vehicular and industrial sectors. The firm's 34 professionals have completed 106 M&A transactions since the beginning of 2009 for multinational corporations, privately-held companies, private equity funds, and public sector clients. For additional information, please visit www.angleadvisors.com.
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