CHICAGO, September 4, 2019 – CORE Industrial Partners (“CORE”), a Chicago-based private equity firm, announced today the acquisition of Fleco Industries, Inc. (“Fleco”, or the “Company”). Fleco is a leading provider of lighting solutions and operates nationally through multiple brands, including Saylite, Texas Fluorescents Reinvented, Mobern, Lights Fantastic, Lights Fantastic Pro, Lite and LFP Lighting.
Headquartered in Carrollton, Texas, Fleco, which will transition its overall corporate name to Saylite, has two manufacturing locations and four state-of-the-art lighting experience showrooms that provide innovative lighting solutions for a variety of applications. The Company offers one of the most comprehensive selections of LED-based products in the industry, as well as controls and other related lighting products for the commercial, industrial, and premium residential markets. Fleco was founded in 1965 by Larry Sayah.
CORE plans to pursue strategic acquisitions with Saylite to extend the Company’s product and brand portfolio. Jon Sayah, CEO of Saylite, will remain in his current role while Frank Papa, a Senior Partner at CORE, will become Chairman of Saylite’s Board of Directors.
Jon Sayah, CEO of Saylite, said, “We are pleased and excited to begin this partnership with CORE. For more than 50 years, the Sayah family has worked tirelessly to grow the Company into an industry leader in innovative lighting, known for the quality of our products, the breadth and depth of our services, and our dedication to first-class customer service. The partnership with CORE provides us with additional resources to broaden our capabilities and product offerings, including the acquisitions of complementary businesses, all of which will prove highly beneficial for our customers. Over the last five years, significant investments have been made in our 180,000 square foot manufacturing facility in Carrollton, TX, and we are excited to have CORE’s operational experience to continue improve our USA capabilities.”
John May, Managing Partner of CORE, said, “We are thrilled to partner with Jon and the entire Saylite team, and to continue building on the Company’s legacy while supporting its future growth. The investment in Saylite illustrates CORE’s deep experience investing in the industrial technology sector and our continued interest in attractive investments in industries that are benefitting from digital and emerging technologies. We continue to seek add-on acquisitions for Saylite as well as additional industrial technology platforms across North America.”
Frank Papa, a Senior Partner at CORE, added, “Having operated as a family-owned lighting business for more than half a century, Saylite has built a solid foundation and, we believe, a truly scalable platform. Given Saylite’s unique business model and leadership position in the lighting solutions market, we are excited about the Company’s growth prospects. We look forward to collaborating with Saylite’s talented management team to enhance the business and pursue additional innovation and growth.”
Norton Rose Fulbright US LLP provided legal representation to CORE in the transaction. KPMG Corporate Finance acted as the financial advisor to Saylite in the transaction.
ABOUT SAYLITE, INC.:
Saylite is an innovative lighting solutions provider. Founded in 1965 and based in Carrollton, Texas, the company is developing the latest solutions for practical applications, with an engineering staff that bridges the worlds of lighting, construction, design and technology. Saylite products can be found illuminating big retailers, Fortune 500 offices and warehouses, multi-family projects and hotels – and most importantly, thousands of small projects across America. For more information, visit www.www.saylite.com.
ABOUT CORE INDUSTRIAL PARTNERS:
CORE Industrial Partners is a Chicago-based private equity firm investing in North American lower middle-market manufacturing and industrial technology businesses. CORE’s team is comprised of highly experienced former CEOs and investment professionals with shared beliefs, deep experience and a proven track record of building market leading businesses. Through our capital, insight and operational expertise, CORE partners with management teams to create unique value, grow revenues and consistently deliver lasting results. For more information, visit www.coreipfund.com.
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