Glamox, a supplier of lighting solutions to the marine and offshore markets, has signed an agreement to acquire the Norwegian company Luminell Group. Established in 2010, Luminell develops and provides floodlights, searchlights, and lighting controls in the marine and offshore lighting market.

“Together, Luminell and Glamox will have a leading product offering in the global marine and offshore market for all vessel sizes,” said Rune Marthinussen, CEO of Glamox. “The merger and strengthening of Luminell and Glamox product development capabilities will amplify our technological ambitions and benefit our customers.”

Luminell reported total revenue of $13 million and EBITDA of $2 million in 2020. Total revenue increased by 33 per cent in the period 2018-2020.

Glamox will pay $16,74 million  on a cash and debt free basis as an initial payment for the shares in Luminell. An additional earn-out of up to $5.2 million can be paid conditional on financial performance criteria in the period 2022-23. The acquisition is expected to close during Q2-2021.

“We are two companies with dedicated employees, who have both achieved a significant position in the global market for marine and offshore lighting,” said Bente Storhaug Dahl, CEO of Luminell. “Together, Glamox and Luminell will offer more complete solutions to our customers and, not least, form a strong platform for the development of future solutions.”

“Our goal is for our customers to choose Luminell and Glamox because we have the best lighting solutions that allow our users to carry out their missions smoothly and efficiently, whether it’s a critical rescue or a risky crane operation. Together we will be able to develop this to new heights,” said David Fink, Founder and Chief Technology Officer of Luminell.

Luminell will be part of Glamox Global Marine and Offshore division, led by SVP Frode Scott Nilsen.

A Norwegian technological company, Luminell develops  and distributes lighting solutions, for use in demanding environments. Since its conception in 2010, the company has developed into becoming a recognised supplier in the global market for lighting solutions, for vessels and offshore installations.

Glamox is a Norwegian industrial group that develops, manufactures and distributes professional lighting solutions for the global market. It is a leading supplier to the world’s marine and offshore markets, and a significant supplier to the professional building market in Europe.