Lumileds of San Jose, CA, USA – which develops, manufactures and distributes LED technology and lighting products for the automotive, mobile, Internet of Things (IoT) and illumination segments – says that funds affiliated with Apollo Global Management LLC and Lumileds’ parent firm Royal Philips have completed their transaction (announced on 12 December 2016), resulting in Lumileds now operating as an independent company.
As agreed, Philips has sold a 80.1% stake in Lumileds to funds managed by Apollo while retaining the remaining 19.9%. Apollo is a global alternative investment manager with assets under management of about $197bn (as of 31 March) in private equity, credit and real-estate funds, invested across a core group of nine industries, where Apollo has considerable knowledge and resources.
“We are fortunate to have Apollo and Philips’ support as Lumileds embarks upon our next chapter as an innovator of high-performance LEDs and a leader in advanced lighting solutions,” says Lumileds’ CEO Mark Adams. The firm employs more than 9000 team members with operations in over 32 countries.
“Lumileds has over 100 years of innovation as a pioneer in the lighting industry,” comments Apollo senior partner Robert Seminara. “We look forward to working with the Lumileds team in support of what we believe will be a very successful future.”