US buyout firm Saratoga Partners has acquired German business Auer Lighting from technology group Schott to bolt on to its portfolio company Advanced Lighting Technologies. The price was not disclosed.
Auer Lighting supplies lighting components for digital projection, general lighting and medical lighting. It had approximately $74 million ($52 million) in revenues during the last year.
Saratoga acquired a controlling interest in energy efficient lighting company Advanced Lighting Technologies, sponsoring a Chapter 11 bankruptcy re-organisation plan in late 2003.
The company’s management, led by chief executive Wayne Hellman, retains a substantial equity stake in Advanced Lighting Technologies. It has annual revenues of more than $250 million.
Despite the problems in the credit markets, mid-market buyout firms continue to make acquisitions and interest in the lighting sector is undimmed. European buyout firm HgCapital took German-listed lighting company SLV Group private in August. Terms were undisclosed, but the group had a market capitalisation of €320 million ($442 million) at the time of the deal.