Lighting Science Group Concludes Final Tranche of $168 Million Equity Raise
Lighting Science Group Corporation has closed an equity investment of $49m as the final part of its $168m equity funding round first announced by the Company on 29 May 2012. The funding comes from Zouk Capital LLP and a sovereign wealth fund based in the Middle East.
Zouk, the manager of Europe's largest growth capital fund dedicated to the cleantech sector, and the sovereign wealth fund join Riverwood Capital, a globally-focused private equity firm that invests in high-growth businesses in the technology and services industries, and Pegasus Capital Advisors, LP, the Company's majority shareholder, previous participants in the equity financing.
With the completion of this final tranche, aggregate gross proceeds to the Company from the equity financing are $168 million. The funding will be used to finance the Company's growth and enhance its leadership position in the LED lighting market, with a strong focus on continued development of the Company's technology and product pipeline. The financing will allow LSG to expand its relationship with key supply chain partners and increase its pace of new product introductions. In addition, LSG intends to invest in its sales and marketing efforts to promote and support its products in an ever increasing number of channels, assisted by the global commercial networks LSG's new investors expect to bring.
As part of this transaction Samer Salty, Zouk's founder and CEO, will be joining the Company's board of directors. Mr. Salty commented: "Lighting Science Group is at the forefront of the LED lighting market, developing and manufacturing high-efficiency products that are displacing existing technologies. We look forward to working with the company and the other shareholders on further strengthening the business."
About Lighting Science Group Corporation
Lighting Science Group Corporation (LSCG.OB) designs, develops, manufactures and markets LED lighting solutions that are environmentally friendlier and more energy efficient than traditional lighting products. Lighting Science Group offers retrofit LED lamps in form factors that match those of traditional lamps or bulbs and LED luminaires designed for a range of applications including public and private infrastructure for both indoor and outdoor use. Lighting Science Group's Advanced Projects Group business unit designs, develops and manufactures custom LED lighting solutions for architectural and artistic projects. Lighting Science Group is headquartered in Satellite Beach, Florida; the Company's European operations are based in Middelburg, The Netherlands; and the Company has a sales office in Sydney, Australia. Lighting Science Group employs approximately 550 workers building lighting products from domestic and imported parts.
