{"id":21106,"date":"2021-11-30T10:41:53","date_gmt":"2021-11-30T09:41:53","guid":{"rendered":"https:\/\/p-xq7l1i.project.space\/?page_id=21106"},"modified":"2026-01-20T11:10:28","modified_gmt":"2026-01-20T10:10:28","slug":"lighting","status":"publish","type":"page","link":"https:\/\/aquin.com\/en\/industries\/lighting\/","title":{"rendered":"Lighting"},"content":{"rendered":"

back to industry overview<\/a><\/p>\n<\/div>

LIGHTING<\/h1><\/div>

Even if people often only perceive it subconsciously, lighting is omnipresent in everyday life and the necessary solutions are as diverse as the companies active in the industry. Through the fundamental transformation from conventional lighting to efficient LED, the industry has experienced a paradigm shift in the last decade that continues to have an impact today.<\/p>\n

At the same time, the still highly fragmented industry with many small niche providers must face the challenges of global competition and increasing customer demands. M&A, the buying and selling of companies, is now an integral part of strategic considerations by company owners in the industry.<\/p>\n

Aquin has developed into the leading M&A advisory firm in the European lighting industry through a large number of supported lighting transactions (20 to date) and has an industry expertise in this area like no other transaction advisor. Thanks to our lively network with decision-makers in the industry and investors with an affinity for lighting, as well as our deep understanding of the business models and core values of lighting companies, we can optimally represent our clients in the M&A process.<\/p>\n<\/div><\/div><\/div><\/div><\/div>

M&A IN LIGHTING – FACTS, FIGURES, BACKGROUND<\/h1><\/div><\/div><\/div>
Number of Lighting Transactions in Europe.<\/a><\/div><\/div>

The chart shows the number of European lighting transactions since 2017. On the buy side, a distinction is made between “pure” strategic buyers, strategic buyers with a financial investor in the background (PE-backed strategists) and financial investors. An additional driver of M&A activity in the past was the LED – technology shift, which has now been completed, while the drivers of consolidation, buy & build strategy and succession planning remain in effect.<\/p>\n<\/div>

Source: Aquin Research, Capital IQ; evaluation from: 01.10.2025<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n<\/div>

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Key Financials of Selected Listed Lighting Companies.<\/a><\/div><\/div>

The chart shows the key financial ratios of selected, publicly traded lighting companies. It compares the historical development and profitability of listed industry leaders.<\/p>\n<\/div>

Quelle: Capital IQ, annual reports; evaluation from: 29.09.2025<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n<\/div>

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Aquin Lighting-Index.<\/a><\/div><\/div>
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Aquin Lighting-Index components: AB Fagerhult, Acuity Brands, Dialight, FW Thorpe, Luceco, Signify, Zumtobel Group
\nMarket index: Weighted combination of US and European market indices MSCI US and MSCI EU (weights based on market capitalizations of Aquin Lighting-Index companies)
\nQuelle: Aquin Research, Capital IQ; evaluation from: 29.09.2025<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n<\/div>

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Profitability of German Lighting Manufacturers.<\/a><\/div><\/div>

On average, German lighting manufacturers (greater than 10m revenue) generate an EBITDA margin of 6.3%. The considerable spread shows that other success factors such as industry segment, region, focus or management attention play an important role.<\/p>\n<\/div>

Note: n = 45, the most recent financial data available (mostly 2023, revenue transformed logarithmically) was used
\nSource: Aquin Research, Bundesanzeiger, Capital IQ, Bureau van Dijk<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n<\/div>

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AQUIN’S VIEW OF INDIVIDUAL LIGHT SEGMENTS<\/h1><\/div>

From high-quality designer luminaires to sophisticated architectural and shop lighting, high-performance lighting for streets, public spaces and facilities, robust products for industry and, finally, special applications such as in medical technology, signalling systems, tunnels or automobiles – the fields of application in the lighting industry are almost unlimited. These are the segments in which we have been active to date:<\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div>