(USA) – Lumileds becomes independent company is it embarks on new chapter of innovation in high performance LED market.
Lumileds has announced that it is now officially an independent company, as funds affiliated with Apollo Global Management, LLC (together with its subsidiaries, “Apollo”), and Royal Philips completed their previously disclosed transaction.
As announced in December 2016, Apollo and Philips agreed to a transaction where Philips would sell 80.1% interest in Lumileds to certain funds managed by Apollo and retain the remaining 19.9% interest in the company. Apollo is a global alternative investment manager with assets under management of approximately US$197billion 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,” said Mark Adams, CEO of Lumileds.
“Lumileds has more than 100 years of innovation as a pioneer in the lighting industry,” added Robert Seminara, Senior Partner at Apollo. “We look forward to working with the Lumileds Team in support of what we believe will be a very successful future.”