Flos acquires Ares
(Italy) – Flos joined by Ares’ specific know-how to compete in outdoor lighting sector on global markets.
This follows on from Italian private equity firm Investindustrial buying a majority stake in Flos in September 2014. The deal, which a source close to the company said, valued the Italian lighting business at around 400 million euros. Ambrogio Strano, the founder of Ares, will continue as the company’s CEO and will become a minority shareholder of Flos, with a place on the Board of Directors.
Established in 1994 in Bernareggio (in the province of Monza and Brianza, Italy), Ares has been committed to reflecting the evolution of the outdoor lighting sector, offering lighting products manufactured with materials including aluminium, stainless steel and glass. It recognised the potential of LED light sources, with a view to offering fixtures featuring high efficiency, reduced energy consumption and a focus on environmental protection.
Today the Ares production facility covers an area of over 12,000 sq metres, including the research and development department, testing laboratories and a painting and coating system based on advanced technology. In 2010, the Aresled division was created, comprising an automatic assembly line for circuit boards and a production department for wiring and assembly.
The integration of Ares into Flos will be represented during the Salone del Mobile in Milan by an installation at Flos’ Euroluce stand, created by Israeli designer and artist Ron Gilad.
Flos CEO Piero Gandini said: “Our encounter with Ares comes in a period of strategic growth for the company and has opened up new prospects for strengthening our competitive potential in an important area like the Outdoor lighting. With Ambrogio Strano and his staff, we share not only advanced research and innovation processes, but also the concept of integration between lighting units, architecture and spaces. The Outdoor division is now the Group’s fourth production unit, alongside the Design sector in Brescia (Italy), the Architectural sector in Valencia (Spain) and our custom products sector, Light Contract.”
Ares CEO Ambrogio Strano commented: “After bringing up a daughter like Ares, who has given me so many satisfactions and positive emotions, it is an immense honour and pleasure to accompany her up the aisle in such a special marriage, which sets both myself and all my staff new prospects and professional challenges.”
