Corinthian Completes Second Dividend Recap of Best Lighting

Corinthian Capital Group has closed a second dividend recapitalization of Best Lighting Products, one of the largest designers and manufacturers of private-label emergency and exit lighting products in the United States.

Best Lighting sells its products primarily to manufacturers and OEMs in the commercial, industrial, and institutional lighting industries. Other products sold by the company include emergency ballasts and recessed lighting products; and lighting accessories such as bubble guards, wire guards, remote lamp heads, and retrofit kits.

Best Lighting was founded in 1997 and is led by its CEO Jeffrey Katz with a headquarters east of Columbus in Pataskala, OH. The company also operates a manufacturing facility in Dongguan, China and has recently diversified its supply chain to include manufacturing capabilities in Vietnam, Cambodia, Malaysia, and Indonesia.

Corinthian Capital acquired Best Lighting in August 2015 from Wafra Partners. “The partnership with Corinthian Capital since 2015 has provided us additional expertise and resources to execute on the growth opportunities in the industry. Corinthian Capital has supported our product and facility expansion efforts and we look forward to continuing on our strong growth trajectory,” said Mr. Katz.

“Since our acquisition of Best Lighting, we have worked with management to implement a number of initiatives to accelerate growth, including introducing new products, expanding warehouse capacity, and improving strategic supply chain management. I commend the management team for executing on these initiatives and for doing a phenomenal job growing the business,” said Peter Van Raalte, CEO and president of Corinthian Capital.

Corinthian Capital targets investments in North America-based companies with EBITDA between $5 million and $30 million that are active in the light manufacturing and assembly, distribution, and services sectors. The firm was founded in 2005 and is headquartered in New York with an additional office in Boston.

Financing for this dividend recapitalization transaction was provided by BMO Sponsor Finance.

© 2019 Private Equity Professional | December 18, 2019