Roebling Capital Partners (“RCP” or “Roebling”), a Cincinnati area lower middle market private equity investment firm, has agreed to acquire Teron Lighting, Inc. LLC (“TLI” or “the Company”). The deal comes just two months after RCP announced the final closing of its debut private equity fund, Roebling Capital Partners Fund I (the “Fund”).
Founded in 1980, TLI is a manufacturer and distributor of commercial lighting fixtures. TLI has a broad network of 80+ agents that serve the healthcare, assisted living, educational, government, hospitality, multi-family housing, and commercial channels. They are a leader in manufacturing energy-efficient, environmentally friendly lighting products that adhere to the Buy America Act and support the Energy Star rating system. TLI was one of the first companies to manufacture energy efficient lighting, as early as 1980.
TLI currently employs forty (40) people at their 52,500 sq. ft. manufacturing facility in Fairfield, OH, which houses a CSA-approved testing lab and an in-house powder coating operation. The Company has no plans to move the facility at this time.
Co-owner and President Michael Bellos oversees all engineering and product development for TLI; he will remain with the Company post-close. His brother David Bellos, currently Co-owner and CEO, is reducing his administrative responsibilities within the business; he will remain at TLI during the transitional period.
RCP has identified an industry executive with over 30 years of experience in the lighting industry to serve as incoming CEO and run the day-to-day operations of TLI post-close. Scott Manley, formerly with FC Lighting Group, LSI, Hubbell and also TLI in years past, will assume the role of CEO once the post-close transition period has been completed. David Bellos will work alongside Mr. Manley to ensure a successful transition.
Along with current TLI management and the incoming CEO, RCP will aid in propelling additional growth for TLI by facilitating strategic planning, investing in operations, and adding resources that complement the Company’s existing structure. TLI already has a number of growth initiatives that are driving recent growth, including product and market expansions.
“RCP’s core value is to work with companies that have strong historical brand recognition, quality products, strong management, and solid processes in place,” said Keith Carlson, Managing Partner at Roebling Capital Partners. “After extensive evaluation and discussions, we chose TLI as our first portfolio company because we feel they are well positioned for substantive growth,” he continued.
“We are happy to have a company the caliber of TLI for our first portfolio investment from RCP Fund 1. We are excited about joining forces with TLI and its employees and beginning to execute on market growth objectives,” added Dan Magarian, Co-founder and Partner at Roebling Capital Partners.
David Bellos, current Co-owner and CEO, started TLI in 1980. He stated, “My brother Michael joined the company over 20 years ago, and we have been working diligently to perpetuate the TLI brand throughout the industry. We have employees that have been here 30 years and are like family. Both Michael and I wanted to ensure that the company, and every employee, are protected through this transition. I am happy to have Roebling behind us because they will stand behind the growth and the team. I have known Scott Manley for almost as long as I’ve owned the company and I am confident in his ability to take TLI to the next level.”
“I’m looking forward to working with the teams at TLI and RCP to implement solutions in our existing TLI markets,” said Mr. Manley, incoming CEO. “We will focus on sales, product development and service-based solutions to meet and exceed the demands of our existing and new customers. We have a great foundation for success, and RCP has proven experience that underscores exceptional opportunities for growth.”