Lighting Science Group buys into Europe

US-based LED specialist Lighting Science Group Corporation (LSG) announced yesterday that it has bolstered its presence on this side of the Atlantic, with the acquisition of Dutch rival Lighting Partner BV (LPBV).

The company has shelled out $5m (£2.5m) in cash and 4.632 million shares of common stock – worth around $22.2m at current share prices – for LPBV. It said that the firm boasts a strong presence in the fast-growing residential, commercial and retail markets for energy efficient LED lighting and delivered revenues last year of $23m.

Govi Rao, chairman and chief executive officer of LSG, said the deal would give the company a "significant and immediate global presence" that would help it become a "leading player in the high-growth LED lighting market".

The deal comes weeks after LSG unveiled a major new portfolio of energy efficient LED lights, designed to fit into conventional lighting fixtures.

LED lights have long been touted as a green and energy efficient alternative to conventional lighting technologies. LSG claim its bulbs will save firms $738.40 in energy costs over the life of the bulb, compared to incandescent bulbs and $72.49 compared to compact fluorescent light bulbs. The bulbs also contain no mercury, which is one of the key drawbacks of CFLs.