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GLG sells lighting brands to Schréder
King & Wood Mallesons has advised financial sponsor-owned GLG on the sale of major lighting brands.
Tony Zhang
Firms: King & Wood Mallesons (Gerard Lighting Group)
Value: Undisclosed.
Area: M&A.
Key players: The KWM team advising GLG on the sale was led by partners Matthew Coull and Mark McNamara, with support from senior associates Mark Vanderneut and Melissa Miller, together with solicitors Emma Warner and Jason Chow.
Deal significance: The leading brands will be integrated into Schréder’s existing portfolio, making them a major player in the Australian lighting industry. With the sale of these divisions, GLG retains ownership of its brand, Pierlite, which manufactures industrial and commercial lighting systems.
Commenting on the deal, Mr Coull said: “We are delighted to have worked with GLG and its owners, Investec and Bain Capital Credit, on the sale of these prominent Australian brands.”
“The acquisition of the Sylvania and Austube brands by Schréder aligns to the strategic objectives of both GLG and Schréder and the successful closing of the deal in the current environment owed a great deal to the [ongoing] cooperation between all parties involved.”
KWM said they are continuing to execute complex transactions despite the COVID-19 pandemic.
Commenting on the current climate, Mr McNamara said: “The successful closing of the Gerard Lighting divestment, in addition to the recently announced acquisition of the Ravenswood gold mine by EMR Capital, demonstrates our ability to think creatively about continuing to execute and complete deals in periods of economic and financial uncertainty.”
