Merit and Fulton Capital have successfully exited their investment in E-conolight, a distributor of lighting fixtures and accessories. The company has been acquired by Ruud Lighting, a subsidiary of Cree, Inc. Merit and Fulton acquired E-conolight in early 2010.
Merit, together with Fulton Capital, successfully exited its investment in E-conolight, LLC. Headquartered in Racine, Wisconsin, the Company was acquired by Ruud Lighting, a subsidiary of Cree, Inc. (NASDAQ: CREE). The Company is a leading distributor of lighting fixtures and accessories primarily for use in commercial and industrial settings. E-conolight’s products include floodlights, linear fluorescent lights, high and low bay lights, emergency lights, and other lighting products. The Company sells its products through direct marketing catalogs and its website.
Merit and Fulton acquired E-conolight in early 2010. In less than two years, the Company expanded its product offering to include high quality LED lighting products and also grew its line of lighting fixtures and accessories. David Schlossberg from Fulton Capital commented, “We enjoyed a very close working relationship with Merit and believe it helped drive a successful outcome for all of the Company’s shareholders.”
Merit invested both subordinated debt and equity to support the acquisition of E-conolight.