The global lighting solutions leader is positioned for continued success in automotive, mobile, IoT and illumination markets
San Jose, CA – July 5, 2017 – Lumileds announced that funds affiliated with Apollo Global Management, LLC (together with its subsidiaries, “Apollo”), and Royal Philips completed their previously disclosed transaction, resulting in Lumileds operating as an independent company. Lumileds develops lighting solutions for the automotive, mobile, IoT and illumination segments, enabling customers to push the boundaries of light.
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 leading global alternative investment manager with assets under management of approximately USD 197 billion* 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's 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 develops, manufactures and distributes groundbreaking LED technology and advanced lighting products, employing over 9,000 team members with operations in over 32 countries.
“Lumileds has over 100 years of innovation as a pioneer in the lighting industry,” said 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.”
* As of March 31, 2017
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, St. Louis, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had assets under management of approximately $197 billion as of March 31, 2017 in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.
For further information, please contact:
For automotive, mobile, IoT and illumination companies who require innovative lighting solutions, Lumileds is a global leader employing more than 7,500 team members operating in over 30 countries. Lumileds partners with its customers to push the boundaries of light.
To learn more about our portfolio of lighting solutions, visit lumileds.com.