Orion Energy Systems Acquires Lighting and Electrical Maintenance Service Provider, Stay-Lite Lighting
Orion Energy Systems (NASDAQ: OESX) announced the acquisition of Stay-Lite Lighting, enhancing its Maintenance Services business. This strategic move adds high-profile retail clients and self-performing capabilities across 15 states, bolstering the company's service network.
The acquisition is expected to accelerate Orion's growth in recurring revenues by leveraging Stay-Lite's 50 years of industry experience, thus expanding the scale and quality of its offerings.
- Acquired Stay-Lite Lighting, enhancing service capabilities.
- High-profile retail customers added to Orion's portfolio.
- Expansion of self-performing services across 15 states.
- Anticipated growth in recurring revenues.
- None.
Addition of business to accelerate the growth of Orion Maintenance Services
MANITOWOC, Wis., Jan. 05, 2022 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, control and IoT systems, including turnkey project implementation, program management and system maintenance, today announced the acquisition of Stay-Lite Lighting, a nationwide lighting and electrical maintenance service provider.
The acquisition accelerates the growth of the Orion Maintenance Services business, which provides lighting and electrical services to customers.
“The acquisition of Stay-Lite Lighting into the Orion portfolio adds high-profile retail customers, self-performing capabilities in 15 states and a nationwide network of service coverage,” stated Mike Altschaefl, Orion CEO and Board Chair. “This will substantially benefit our current and future customer base as it immediately expands our service and maintenance network, capabilities and offering while adding 50 years of lighting industry experience and technical knowledge. This is a timely addition of service capabilities as we continue to expand our maintenance services with our largest retail customers and provides additional resources we can leverage for future growth.”
An active member of the International Association of Lighting Management Companies (NALMCO), Stay-Lite Lighting provides self-performing services such as indoor and outdoor lighting repairs, sign repairs, and manufacturer warranty support, among other services.
“We have been significantly expanding our lighting maintenance business with our largest retail customers, and this acquisition will allow us to continue to grow our recurring revenues and more quickly support the needs of our customers,” stated Altschaefl. “We are also very excited about the talented people that will be joining us, including their experience, customer relationships and deep knowledge of the lighting maintenance market.”
Kirk Tuson, Stay-Lite Lighting’s former owner commented, “There is an excellent cultural fit between our two companies. By combining our resources, we will be able to expand the high-quality, dependable customer service for which we have been known for the past 50 years.”
Stay-Lite Lighting will operate as Stay-Lite, an Orion Energy Systems business. Stay-Lite Lighting has annual revenues of approximately
Bridgewood Advisors acted as advisors to Orion and Taureau Group acted as advisors to Stay-Lite Lighting.
About Orion Energy Systems
Orion provides innovative LED lighting systems and turnkey project implementation including installation and commissioning of fixtures, controls and IoT systems, as well as ongoing system maintenance and program management. We help our customers achieve energy savings with healthy, safe and sustainable solutions, enabling them to reduce their carbon footprint and digitize their business.
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Twitter: @OrionLighting and @OrionLightingIR
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Contacts:
| Per Brodin, CFO | William Jones; David Collins | |
| Orion Energy Systems, Inc. | Catalyst IR | |
| pbrodin@oesx.com | (212) 924-9800 or OESX@catalyst-ir.com |
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