The management of Partners in Lighting International N.V. (“PLI”) and its majority shareholder, CVC Capital Partners (“CVC”), announce that PLI has appointed Merrill Lynch to assist in a strategic review of its business and operations. This review may include an evaluation of the sale of the entire business.
PLI has grown from the Massive business, acquired by CVC in 2002, and through the acquisition last year of Modular Lighting Instruments (“Modular”). Further acquisitions are being considered to enhance growth.
PLI has the leading position in the consumer lighting market in Europe and is active in the architectural lighting market through Modular. For the year ended 31 December 2004, PLI had turnover of approximately €325 million and the company employs over 3,500 people.
Jules Noten, Chief Executive Officer of PLI, said: “Over the past three years, we have achieved considerable success in marketing new concepts in lighting and rationalising our production facilities. The acquisition of Modular has allowed us to reach new levels of creativity and design in our product portfolio. Now is the ideal time to consider the next steps in our strategy and development.”
CVC Capital Partners is a leading independent private equity provider in Continental Europe and the UK, specialising in large scale leveraged buy-outs. Founded in 1981 as Citicorp’s European private equity arm, CVC completed its own management buy-out in 1993 and is independently owned by its management.
CVC closed its most recent European fund of US$4.0 billion in 2001 and currently has total funds under management of over US$9.0 billion. CVC has 12 offices in Europe.
Since 1981, CVC has acquired over 235 companies for a total consideration of more than EUR 43 billion. CVC’s current European portfolio of 54 companies has a combined transaction size of EUR 32 billion, with a combined turnover of EUR 30 billion, operating in 25 countries and employing over 230,000 people.
Further information on CVC is available on the Internet at