Boston -- July 9, 2020 – Boston-based Lucidity Lights, Inc. announces a value creating transaction with the acquisition of select strategic assets of Evolution Lighting Inc. of Miami, Florida, in an all cash, zero debt transaction. The acquisition adds complementary capabilities in innovative lighting as well as advanced distribution and manufacturing to Lucidity’s direct-to-consumer health and wellness lighting brand, “Brilli.” Brilli offers the broadest range of health-and-wellness benefits in the North American lighting market. Brilli’s human-centric lighting aligns to circadian rhythms, a category of lighting with heightened interest by consumers and the medical community for its properties to help combat illness and depression while supporting nighttime sleep and daytime productivity.
Scott Almquist, Lucidity CEO, said, “Combining Evolution's portfolio and penetration with Lucidity's wellness lighting enables us to reach more consumers with healthy and beautiful light. Brilli’s wellness bulbs and health-oriented light spectrum offered in Evolution lamps and fixtures is an exciting proposition for retailers and consumers alike.” Evolution Lighting's brands are carried by the top performing U.S. retailers, providing consistent reach via brick and mortar and eCommerce to millions of consumers.
Lucidity Lights Chairman and Founder John Goscha said, “This acquisition provides two major benefits. One, consumers will be able to buy advanced wellness lighting via major eCommerce and brick and mortar retailers. Two, Lucidity investors will be rewarded with an expedited path to significant revenue, supply chain buying power, retail relationships with the nation’s most successful retailers, a rapid innovation operation, and exceptional lighting market talent. This acquisition aligns with our goal of cash flow positive acquisitions that accelerate our mission of bringing the benefits of wellness lighting to consumers.”
Lighting Reinvented for Health & Wellness
Cory Meyer, former Evolution Lighting CEO, has joined Lucidity Lights as President. “Lucidity provides Evolution Lighting’s line of innovative brands with advanced wellness lighting technology to incorporate into our well-respected portable lamps and hardwired fixtures, as well as the capital to expedite wellness and other lighting categories across all retail channels,” said Meyer.
About the Transaction
Lucidity Lights, Inc. acquired select assets of Evolution Lighting from Canadian Imperial Bank of Commerce (CIBC) in an all cash, self-financed transaction. In tandem with the transaction, Lucidity hired 40 former Evolution Lighting employees.
Portfolio Alignment and Expansion
The acquired Evolution Lighting portfolio competes in 18 product segments within the categories of portable lighting fixtures and hardwired products and is sold throughout the United States and Canada. Lucidity Lights is a leading developer of health and wellness lighting technology, offering light bulbs and fixtures for the retail market in a direct to consumer model via BeBrilli.com. Lucidity’s Brilli brand is focused on improving health, wellness, mood, energy, and sleep through something we’re all surrounded with every day of our lives: light.
Evolution Lighting’s products focus on inspiring consumers with their innovation and style and have earned the classification of “category captains” for many leading retailers. Brilli’s wellness light and spectrum technology is backed by science and will be leveraged to increase value across the acquired Evolution Lighting brands of lamp and fixture products. The acquired manufacturing footprint and distribution scale will enable Lucidity to more rapidly introduce new and innovative products to the market, while accelerating consumer awareness and adoption of the wellness benefits of light.
Lucidity Lights, Inc., is a manufacturer and distributor of trend and wellness lighting products. Lucidity products can be found under the trade names Brilli, Ellumi, Cresswell, Vision Max, Tensor, and Alsy, as well as many private-label brands exclusive to its global retailers. Lucidity makes the world shine with leading-edge technology, trend-driven design, and innovative lighting products and fixtures. The company is committed to being the lighting supplier of choice through dedication to complete customer satisfaction. Established in 2012, and led by Scott Almquist as CEO, Lucidity purchased select assets of the former Evolution Lighting in 2020 and has raised over $90 million of venture capital financing to date to fund research, development, and operations of innovative lighting technologies.
