Revolution Lighting Technologies has acquired Relume Technologies and plans to keep the Oxford-based firm’s facilities in Oxford.
Relume Technologies makes LED lights and smart-grid control systems. Think LED streetlights and the control systems that help maximize electricity usage. LED lights are seen as the next generation in energy efficient lights, and use exponentially less electricity than traditional incandescent light bulbs.
Relume Technologies is a portfolio company of
Beringea, Michigan’s largest venture capital firm.
Revolution Lighting Technologies, a Connecticut-based company listed on the NASDAQ, agreed to pay $15 million to acquire Relume Technologies with $5 million in cash and $10 million worth of its common stock.
“We thought there was a strong partnership with Revolution Lighting,” says Michael Gross, managing director of
Beringea. He adds, “we thought it was a better path for growth than just keeping Relume as a stand-alone company.”
Relume Technologies’ acquisition is Beringea’s fourth exit in the last five months. It is also Beringea’s second exit of a Michigan-based company this year. Pioneer Surgical Technology, which is based in Marquette, was acquired in June.
Source: Michael Gross, managing director of Beringea
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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