GLG to consider strategic options for market-leading Pierlite division
The Board of Gerard Lighting Group (GLG) has announced plans to explore strategic options for the company’s Pierlite business.
Pierlite is the leading provider in Australia and New Zealand of indoor commercial and industrial lighting solutions. As a trusted brand for more than 70 years, the business has unrivalled relationships with a blue-chip and growing base of wholesalers, contractors and specifiers across the commercial, industrial, health and education segments.
Pierlite has a strong track record of delivering large and complex lighting solutions projects.
GLG is majority-owned by Bain Capital Credit and Investec.
Through their strong support over a number of years, the Pierlite business has achieved meaningful growth including double-digit profitability based on revenues of approximately $150m.
This has been driven in part by a comprehensive transformation program focused on a customer-led distribution model which has included significant investments in product innovation and R&D, new technology systems, and end-to-end process improvements.
GLG Chairman Ben Sebel said the Pierlite division was well-placed to sustain strong growth following the successful transformation program, and with a clear focus on new market opportunities.
“The business has a clear strategy to capitalise on the significant opportunities in important and rapidly emerging segments, including the global market for smart building lighting solutions which is forecast to become a $US100b industry by 2025”, he said.
Pierlite’s innovative product solutions and market-leading offering has seen it secure numerous contracts across multiple segments in Australia and New Zealand including government, education, health and asset owners.
Ankura Consulting has been appointed financial advisor to the proposed process.