EXCLUSIVE: Must credit EdisonReport. Late yesterday, EdisonReport received our first rumor regarding Legrand’s acquisition of Finelite and we have been working the story since. This morning, after we published the rumor, we did receive a one-sentence validation from Jerry Mix, Finelite’s CEO, confirming our story.
We have talked to a few industry experts, a Fiinelite agent, and a Finelite investor. Here is what we have learned:
- Finelite has over 100 investors and began notifying them of the offer from Legrand, which is how EdisonReport first learned of the story. We were cautioned that Finelite and Legrand have entered into an agreement and no sale has taken place. Several sources confirmed that Finelite investors have approved the agreement.
- Legrand, being a publicly held French company, will conduct their own public announcement. Usually these things are tied to earnings releases, and we do not know when Legrand will publicly announce. EdisonReport has published an internal memo from Legrand President and CEO, John Selldorff, to Legrand employees. Read it here.
- One key point in the letter is that a new Lighting sector is being created and Finelite will act as a stand alone business, continuing to go to market with their existing rep channel. One insider confirmed that Finelite intends to go forward tomorrow with the same rep network.
- The acquisition will fall under the Hart Scott Rodino Act and is subject to government approval. No issues are expected and the deal will likely close in about 45 days.
- Terry Clark, Finelite’s CTO and Board Chairman, will shift to a consulting role for both Finelite and Legrand and will focus on Light & Health, as well as DOE.
Developing…