Luminance Acquired By Capital Partners
Cleveland-based Resilience Capital Partners, a private equity firm that invests in middle-market companies, announced it has acquired Luminance, a manufacturer of lighting solutions for residential and commercial use. Resilience Capital Partners bought Luminance from Shoreview Industries, a private equity firm based in Minneapolis. Terms of the transaction were not disclosed.
Luminance has two divisions: Luminance, which provides a large line of products to residential and commercial clients; and Hallmark Lighting, which supplies customized, high-end lighting solutions to the hospitality industry. Luminance employs more than 250 people in major operational facilities across the U.S. and in China.
“We are excited about Luminance’s bright future, particularly the opportunity the company has to capitalize on the worldwide shift to LED, an area in which the company already is a proven leader,” says Steve Rosen, Co-Chief Executive Officer of Resilience Capital Partners. Headquartered in Commerce, Calif., Luminance has a 65-year history of providing lighting solutions to a range of residential and business end markets through well-established brands including Hallmark Lighting, SunSet Lighting, ADL Lamparts, ADL Lumin, Concord Fans and Century Brass.
“Luminance already has the right people and the right products for today’s market. With the right resources and capital behind it, there are no limits to how this company can maximize its global infrastructure, distribution network, and supply chain,” Rosen explains. Eric Allen, Luminance’s CEO, will remain in his role under Resilience Capital Partners ownership.
Ron Cozean, an operating executive with Resilience, will become Executive Chairman of the company’s Board of Directors. “Eric Allen, who knows Luminance and the lighting industry so well, and Ron Cozean, who has helped a number of manufacturing companies grow, are the right team to take Luminance to the next level,” Rosen remarks.
“Luminance has an experienced workforce, an asset-light model, an efficient supply chain, and cost-effective Chinese sourcing for many of our products. Especially with incandescent bulbs rapidly being replaced by LED products, Luminance is well-positioned to play a greater role in the lighting market, and we are pleased that Resilience Capital Partners is partnering with us to grow our business,” Allen states.