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New York—Nov 3, 2016
Saratoga Partners Acquires Xenon Cinema Business from Philips Lighting
Saratoga Partners, an alternative asset manager headquartered in New York City, today announced it has acquired the Xenon cinema business from Philips Lighting, (Euronext Amsterdam ticker: LIGHT), a global leader in lighting.
The business, to be named Lighting Technologies International LLC (LTI), is a major manufacturer of xenon arc lamps for digital cinema projectors used in the worldwide cinema exhibition industry. LTI has approximately 220 employees located primarily in Baldwin Park, California, near Los Angeles. The LTI management team and all employees have transitioned over to the new operating unit.
As part of the transaction, Philips Lighting has granted LTI a license enabling the new entity to continue to produce and sell xenon lamps under the Philips brand worldwide. Philips Lighting, which focuses on further strengthening its global leadership in connected LED lighting products, systems and services, will continue to provide lighting applications and systems to cinemas and theatres and remains committed to LED-based projection lamp innovations.
The LTI operation was started in 1999 and has captured a significant share of the global cinema xenon lamp market. This transaction returns LTI to its independent, entrepreneurial roots, after the business was acquired in 2007 by Philips.
"We see substantial growth opportunities in the cinema and other specialty lighting markets, and we look forward to working with management to build the business," said Christian L. Oberbeck, Managing Director of Saratoga Partners. "We believe that we are well positioned to acquire and grow LTI as a stand-alone entity building on our history of successful acquisitions in the lighting space, track record of growing revenues and improving profitability of our lighting businesses, and long history and success in acquiring and building similarly sized companies."
About Saratoga Partners
Saratoga Partners ("Saratoga") is a New York based manager of equity and debt-focused investment funds. Since 1984, Saratoga's equity investment funds have acquired or invested in 35 portfolio companies with aggregate enterprise valuations approximating $3.7 billion in the manufacturing and business-services industries. Through Saratoga Investment Advisors, Saratoga also manages Saratoga Investment Corp., a NYSE (SAR) traded Business Development Company with current portfolio investments in some 30 companies.
About Lighting Technologies International LLC:
Located in Baldwin Park, CA, Lighting Technologies International, LLC corporate headquarters and manufacturing facility is equipped with some of the most modern production equipment available. The 41,000 sq.ft. building is a fully integrated facility that includes manufacturing, R&D, engineering, finance and corporate offices. LTI’s world-class customer service enables us to offer immediate delivery and the highest quality U.S. manufactured lamps in the industry. Our goal is to meet the comprehensive needs of our customers and to express our commitment to our innovative users.
Lighting Technologies International LLC Directory page
More LIT Press Releases:
Jun 23, 2015
Philips Launches its New Digital Xenon Lamps XDC 2001C for Christie Projectors and XDC 2000N for NEC Projectors at CineEurope
Apr 21, 2015
Philips Shows its New Digital Xenon Lamp XDC 6501B for Barco Projectors at CinemaCon
Dec 9, 2014
Wanda Cinemas Selects Philips Cinema Xenon Lamps for IMAX Screens in China
Oct 27, 2014
Philips Shows its New Lamp for IMAX Projectors at ShowEast
Mar 24, 2014
Philips Announces Lightvibes™, A New Immersive Cinema Entertainment Lighting Solution
Jun 20, 2013
CFEC Signs on as Distributor for Philips Cinema Xenon Lamps
Jun 20, 2013
Philips and dcinex Partner to Grow Digital Cinema Xenon Business in Europe
Apr 16, 2013
Continuous investment in Philips Digital Cinema Lamp range
Apr 15, 2013
Philips and GDC Technology Link Up to Serve Digital Cinema Customers
Jul 4, 2009
Philips Appointed as Authorized Supplier of Xenon Lamps to Barco
Mar 16, 2009
Philips Receives Patent for Innovative Xenon Lamp Technology
Feb 16, 2009
Philips New Digital Cinema Xenon Lamps Meet Most Stringent Requirements
Oct 11, 2007
Philips to Acquire Specialty Lighting Manufacturer Lighting Technologies International
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