9 February 2022
GLG to sell Pierlite business to world lighting leader Signify
The Board of Gerard Lighting Group (GLG) has signed a contract for the sale of GLGâ€™s Pierlite business to Signify N.V (Signify), a world leader in lighting and technology solutions.
Formerly known as Philips Lighting and headquartered in the Netherlands, Signify is the world leader in lighting for professionals and consumers and lighting for Internet of Things (IoT). Signify is active in more than 70 countries, with over 37,000 employees and annual 2021 sales of EUR 6.9 billion. Its portfolio of well-known lighting brands includes Philips, Philips Dynalite, Philips Hue, Interact, Color Kinetics and WiZ.
GLGâ€™s Pierlite business is one of Australia and New Zealandâ€™s oldest and largest lighting and technology companies, with a portfolio of 14 brands that cater to commercial, industrial, healthcare and education customers. Pierliteâ€™s solutions include a portfolio of LED luminaires, connected IoT ecosystems and Design on Demand solutions via its Beyond Light offering. In Australia and New Zealand, Pierlite also offers local design and engineering, scalable product assembly, a robust network of partners and suppliers, as well as the Southern Hemisphereâ€™s largest lighting laboratory.
Ankura Consulting acted as GLGâ€™s financial advisor to the sale.
In announcing the sale of Pierlite, GLG Chairman Ben Sebel said Signifyâ€™s scale and world-wide footprint will rapidly accelerate Pierliteâ€™s growth and enable the business to better service the ANZ market.
â€œWeâ€™re very proud of the growth achieved by Pierlite in Australia and New Zealand over its 70-year history, bringing world class lighting solutions to market, establishing a robust worldwide network of suppliers and partners, and importantly, delivering on large-scale projects to meet the needs of our customers,â€ said Mr Sebel.
â€œThis deal represents the beginning of the next chapter for Pierlite as it joins the Signify portfolio. This is a natural home for Pierlite, bringing together two companies with highly complementary operations and a deep culture of innovation. It brings significant opportunity for Pierlite to scale up its offering in the ANZ market, supported by the resourcing and capabilities of a world leader.â€
Pierlite CEO Gustav Arianto said the sale presents new opportunities for Pierlite to better service its customer base and enhance its offering.
â€œIt is a big day for us at Pierlite and there is a lot to look forward to as we embark on our next phase of growth with Signify. For years to come, our valued customers, suppliers and staff will greatly benefit from the opportunities and synergies that come with Pierlite joining the worldâ€™s lighting leader. Iâ€™m delighted that after a period of transformation, growth and assessment of strategic options, Pierlite will finally be home,â€ said Mr Arianto.
Pierliteâ€™s operations, including its workforce, management structure, and existing pricing and supply arrangements will remain unchanged. The sale process is expected to be completed in the first half of 2022, subject to customary closing conditions.