LED Supply Co., Lakewood, CO, a 13-year-old distributor of LED products and systems, was acquired by New York-based Applied UV Inc. (NASDAQ: AUVI), a publicly traded specialist in disinfection technology solutions. LED Supply Co.’s sister company PURO Lighting, a specialist in UV light disinfection technologies is also now part of Applied UV. According to a post at insidelighting.com, PURO was founded in 2019 by Stern, Lawrence and Jim Colantoni shortly before the COVID pandemic caused a spike in UV disinfection lighting demand.
LED Supply distributes products for more than 350 manufactures and has 20 employees across five states. In an announcement about the acquisition on www.ledsupplyco.com, Brian Stern, CEO, Webb Lawrence, COO, said in part, “LED Supply Co. has agreed to merge with Applied UV, a publicly traded company that will now become one of the dominant players in the fast-growing UV disinfection and lighting space. Together, we will be creating a manufacturing, sales and distribution powerhouse operating across many sectors of technology, including LED and UV lighting, smart building technologies, security, EV charging and much, much more.
“For customers of LED Supply Co., this aggressive step forward means we’ll be creating a bigger footprint across the United States and other countries worldwide, providing us with even better buying power that will create additional savings for our customers and partners. We’ll also be able to bring one of the broadest ranges of technologies to the builder, retrofit and development markets. But most importantly, this merger allows us to build on our one-stop-shopping philosophy.”
According to a AUVI press release, the acquisitions of LED Supply Co. and PURO Lighting would double the size of the company and enable Applied UV to expand distribution and sales capabilities of a broad range of complementary, proprietary and patented, FDA-cleared disinfection devices, ultimately positioning the company for deeper expansion into current markets and enhanced revenue growth after closing. In addition, the transaction would allow Applied UV to access and build upon PURO’s existing strong commercial relationship with Acuity Brands.
Applied UV said the acquisitions would enable it to serve domestic and international vertical markets such as healthcare, agriculture, cannabis, alcohol (wine), education and hospitality, and that the deals, together with the 2021 acquisitions of Airocide, KES Science & Technology and Scientific Air Management, create one of the broadest portfolios of patented air disinfection and purification technologies capable of addressing every major commercial market, including hospitals and assisted living facilities, schools, government and military buildings, prison systems, hotels, commercial buildings as well as food transportation and storage that extends the shelf life of agricultural products, including cannabis.
Max Munn, Applied UV founder and president, said in the press release said that the acquisitions would add an estimated additional $18 million in revenue for the 12 months ending Sept. 30, 2022, and that the combined company is likely to generate approximately $45-$50 million of revenues in FY 2023, with a strong balance sheet to support the revenue growth.