(Credit: Pexels)LED lighting and control provider Orion Energy Systems is adding to its service business portfolio by acquiring Stay-Lite Lighting, a lighting and electrical maintenance and service provider.
The acquisition increases Orion’s service scope in 15 states, the company says, and will help provide a nationwide network of service coverage. Stay-Lite Lighting has annual revenues of about $9 million.
Stay-Lite Lighting has 50 years of experience in the industry and provides self-performing services such as indoor and outdoor lighting repairs, sign repairs and warranty support. Stay-Lite Lighting is based in Wisconsin with branches in Michigan and Ohio. It provides services nationwide through coverage partners. The company is a member of the International Association of Lighting and Management Companies.
Orion says the acquisition will help it expand its lighting maintenance business with its largest retail customers. Orion has provided lighting services to commercial, retail, healthcare and government entities across the country.
The expanded use of efficient lighting has spurred growth in building energy management systems and the lighting control market, which one report says is expected to hit $12.4 billion by 2027.
LED lighting is a key component for helping businesses and their facilities lower emissions and improve energy efficiency. The US Department of Energy says LED lighting can use 75% less energy and last 25-times longer than incandescent lighting and will be in the majority of lighting installations by 2035.
Communities are also making regulations requiring the energy efficient transition, such as Denver, which recently made a requirement that buildings up to 25,000 square feet use all LED lighting by 2030.
“This is a timely addition of service capabilities as we continue to expand our maintenance services with our largest retail customers and provides additional resources we can leverage for future growth,” says Orion CEO and Board Chair Mike Altschaefl.
Bridgewood Advisors acted as advisors to Orion during the transaction and Taureau Group were the advisors for Stay-Lite Lighting.
