PE-backed Flos bolts on Lukas Lighting

Back in September 2014, Investindustrial acquired an 80% stake in Flos via the Investindustrial V fund. Following completion of the deal, the company had stated that it would undertake an acquisitive growth strategy and seek to expand its international operations.

Flos appears to be on track with this strategy 15 months later, having completed its second acquisition of 2015. Following its purchase of Ares, an Italian manufacturer of architectural outdoor lighting, in March, Flos' latest acquisition is understood to be valued at less than $10m. No fresh capital was deployed by Investindustrial in order to back Flos's purchase of Lukas Lighting and the transaction involved no debt. Lukas Lighting was acquired from its CEO Craig Corona.

Company
Flos was founded in 1962 and manufactures lighting solutions for the residential and architectural sectors. Headquartered in Brescia, the company also has operations in Ribarroja, near Valencia. Its clients include Hugo Boss, Nespresso, Giorgio Armani and Dior.

People
Andrea Bonomi is a managing principal at Investindustrial. Piero Gandini is CEO of Flos. Craig Corona is CEO of Lukas Lighting.

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• Topics
• Portfolio management
• Southern Europe
• Industrials
• Italy
• Investindustrial
• Build-up