Baird Capital Announces Sale Of Portfolio Company Collingwood Lighting
Baird Capital announced today the sale of private equity portfolio company Collingwood Lighting (“Collingwood”) to Ambienta Sgr S.p.A (“Ambienta”). The transaction represents a full exit from this investment for Baird Capital. The terms of the transaction were not disclosed.
Collingwood is headquartered in Sywell, Northamptonshire, and is a leading designer and supplier of residential, commercial and exterior luminaires into the professional refurbishment and new-build markets in the U.K. and France. The company has a reputation for outstanding product quality and exceptional customer service.
Baird Capital originally invested in Collingwood in 2018 following a proactive search and marketing campaign targeting LED lighting as part of its energy efficiency investment thesis. The transaction involved backing Steve Grao, a highly experienced lighting executive, in the transition of ownership from the previous founder-owner. The LED lighting market is experiencing growth as a result of the transition from incandescent to energy-efficient LEDs. During Baird Capital’s two and a half years of ownership, Collingwood has grown at over 11% CAGR and doubled its adjusted EBITDA, exceeding Baird Capital’s investment plan.
James Benfield, Partner with Baird Capital, commented, “We invested in Collingwood in 2018 because we saw an opportunity to back Steve and his team’s vision to take a business with a fantastic brand and an enviable customer reputation and grow it rapidly. During our hold period, the business gained market share in its traditional residential and landscape markets and also launched products into the adjacent commercial and industrial lighting segments. Collingwood is at the forefront of product innovation in the electrical wholesaler channel.”
Steve Grao, CEO of Collingwood, said, "It's been a pleasure working with Baird Capital. They have been an exceptional partner in supporting the business’ professionalisation, from sourcing, through operations, marketing and sales. As a result of our partnership, we are well-positioned to embark on the exciting next phase of our growth with Ambienta."
