Chicago-based private equity firm CORE Industrial Partners has acquired Fleco Industries, Inc., a provider of lighting solutions that operates nationally through multiple brands such as Saylite, Texas Fluorescents Reinvented, Mobern, Lights Fantastic, Lights Fantastic Pro, Lite, and LFP Lighting.
Headquartered in Carrollton, Tex., Fleco will transition its overall corporate name to Saylite, as well as its two manufacturing locations and four state-of-the-art lighting experience showrooms. Fleco was founded in 1965 by industry veteran Larry Sayah. Under the new ownership, CORE plans to pursue strategic acquisitions with Saylite to extend the company’s product and brand portfolio. Jon Sayah, CEO of Saylite, will remain in his current role while Frank Papa, a Senior Partner at CORE, will become Chairman of Saylite’s Board of Directors.
“We are pleased and excited to begin this partnership with CORE,” Jon Sayah states. “For more than 50 years, the Sayah family has worked tirelessly to grow the Company into an industry leader in innovative lighting, known for the quality of our products, the breadth and depth of our services, and our dedication to first-class customer service. The partnership with CORE provides us with additional resources to broaden our capabilities and product offerings, including the acquisitions of complementary businesses ― all of which will prove highly beneficial for our customers. Over the last five years, significant investments have been made in our 180,000-sq.-ft. manufacturing facility in Carrollton, and we are excited to have CORE’s operational experience to continue improving our USA capabilities.”
John May, Managing Partner of CORE, adds, “We are thrilled to partner with Jon and the entire Saylite team, and to continue building on the Company’s legacy while supporting its future growth. The investment in Saylite illustrates CORE’s deep experience investing in the industrial technology sector and our continued interest in attractive investments in industries that are benefitting from digital and emerging technologies. We continue to seek add-on acquisitions for Saylite as well as additional industrial technology platforms across North America.”
Frank Papa, a Senior Partner at CORE, notes, “Having operated as a family-owned lighting business for more than half a century, Saylite has built a solid foundation and, we believe, a truly scalable platform. Given Saylite’s unique business model and leadership position in the lighting solutions market, we are excited about the Company’s growth prospects. We look forward to collaborating with Saylite’s talented management team to enhance the business and pursue additional innovation and growth.”
Norton Rose Fulbright US LLP provided legal representation to CORE in the transaction. KPMG Corporate Finance acted as the financial advisor to Saylite in the transaction.