iGuzzini lighting, international leader in the field of architectural lighting, signed today the acquisition agreement for 70% of the assets of Sistemalux Inc. The Canadian company, based with its headquarters and production plant in Montréal, is expected to close 2017 with revenues of 30 million Canadian dollars. Through the acquisition iGuzzini reinforces its presence on the North American market and completes its product range.
Founded in Montreal in 1984 by the Italian-Canadian family Folisi, Sistemalux is one of the most qualified players in the sector of design, production and commercialisation of indoor and outdoor lighting systems for commercial and residential projects. The company operates with a network of 54 distribution agencies, offices and showrooms in Canada (Vancouver, Toronto, Quebec City) and in the United States (New York). With around 200 employees, Sistemalux registered a yearly growth of more than 15% over the last 3 years.
The partnership between iGuzzini and the shareholders of Sistemalux started more than 20 years ago when Sistemalux became an iGuzzini distributor. In 2007, the collaboration evolved through the constitution of the joint-venture iGuzzini North America, owned 70% by iGuzzini and 30% by Sistemalux’s shareholders. In 2010, iGuzzini North America further expanded entering the United States with the opening of iGuzzini Lighting USA in New York, led by Salvatore Folisi.
“The acquisition of Sistemalux represents an excellent opportunity to reinforce our presence in North America - where we double the turnover – and improve the profitability and the penetration capability in this important market characterized by international specification, high technological standards and great growth potential” declared Andrea Sasso, CEO of iGuzzini illuminazione. “With this operation we further improve our capability of developing customized solutions for the North American market, establishing our position as a reference point for the high-end market characterized by technology and an architectural focus”.
“We are proud of this new agreement, which is not only an industrial arrangement but the natural evolution of a 20-year collaboration between the Guzzini and Folisi families” commented Adolfo Guzzini, iGuzzini President. “We share the same idea of a successful business model. A model which is based on the industry competencies, technology, design and attention to territorial marketing polices.”
“Our family and all the employees of Sistemalux share the same values with all their partners” declared Salvatore Folisi, CEO of Sistemalux, iGuzzini North America and iGuzini Lighting USA. “This agreement marks a new important chapter of our growth trajectory. The lighting industry is rapidly evolving, most of all in terms of digitalisation, and iGuzzini has the capabilities to perfectly integrate our know-how of the territorial dynamics, consolidated leadership and strong competencies in the sector”.
In North America iGuzzini has collaborated with the most important international architects, among whom Renzo Piano, and has illuminated many museum and cultural sites such as The Whitney Museum in New York, The Lacma Museum in Los Angeles, Columbia University, and The Morgan Library & Museum in New York; in the retail sector, Macy’s, Starbucks, and Eataly in New York and the showrooms for key players in the high-end automotive sector; and in the working area the headquarters of Google and Amazon.
In 2017 iGuzzini should confirm a record result in terms of 2016 revenues and report a consolidated figure of approximately €231-232 million (80% outside of Italy).
Tamburi Investment Partners acted as financial advisor for iGuzzini and also coordinated EY, the law firm Langlois Lawyers and the law firm McCarthy Tétrault (both from Montréal), respectively competent in accounting compliance, legal due diligence and labor due diligence. Craca Di Carlo Guffanti Pisapia Tatozzi & Associates provided legal assistance to iGuzzini whereas the sellers have been assisted by the law firm Stikeman Elliott di Montréal.