Manitowoc-based
Orion Energy Systems Inc. recently acquired Pewaukee-based
Stay-Lite Lighting.
Terms of the deal were not disclosed.
Orion Energy is a provider of energy-efficient LED lighting, control and IoT systems, including turnkey project implementation, program management and system maintenance.
Stay-Lite is a national lighting and electrical maintenance service provider.
“The acquisition of Stay-Lite Lighting into the Orion portfolio adds high-profile retail customers, self-performing capabilities in 15 states and a nationwide network of service coverage,” said Mike Altschaefl, Orion CEO and board chair. “This will substantially benefit our current and future customer base as it immediately expands our service and maintenance network, capabilities and offering while adding 50 years of lighting industry experience and technical knowledge. 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.”
Established in 1971, Stay-Lite Lighting provides electrical/lighting maintenance and energy savings lighting programs for business. Its services include indoor and outdoor lighting repairs, sign repairs, and manufacturer warranty support, among other services.
Stay-Lite has annual revenues of about $9 million. In addition to its headquarters in Pewaukee, the company has branches in Appleton and suburban Detroit and satellite offices in Minneapolis; Grand Rapids, Michigan; South Bend, Indiana; Indianapolis; Rochester, New York; Pittsburgh; Washington, DC; Baltimore; Trenton, New Jersey; and Richmond, Virginia.
Stay-Lite Lighting will operate as Stay-Lite, an Orion Energy Systems business.
“We have been significantly expanding our lighting maintenance business with our largest retail customers, and this acquisition will allow us to continue to grow our recurring revenues and more quickly support the needs of our customers,” said Altschaefl. “We are also very excited about the talented people that will be joining us, including their experience, customer relationships and deep knowledge of the lighting maintenance market.”
“There is an excellent cultural fit between our two companies,” said Kirk Tuson, Stay-Lite Lighting’s former owner. “By combining our resources, we will be able to expand the high-quality, dependable customer service for which we have been known for the past 50 years.”
Milwaukee-based investment banks Bridgewood Advisors acted as advisors to Orion and Taureau Group acted as advisors to Stay-Lite Lighting.
Stay-Lite was also advised by Brookfield-based Oak Hill Business Partners, a boutique management consulting firm serving lower-middle market closely held companies.
“Oak Hill’s early focus on operational improvements and improving processes for (Stay-Lite) to go to market quickly changed when this opportunity arose,” said Erik Owen, founder and owner of Oak Hill. “We moved to deal support, strategy, and due diligence and worked closely with Taureau Group to maximize value for Stay-Lite and ultimately Orion.”
