CORE Industrial Partners has acquired Fleco Industries Inc., a leading provider of lighting solutions based in Carrollton, Texas. Fleco operates nationally through multiple brands, including Saylite, Texas Fluorescents Reinvented, Mobern, Lights Fantastic, Lights Fantastic Pro, Lite and LFP Lighting. The company, founded in 1965 by Larry Sayah, will transition its overall corporate name to Saylite.
CORE plans to pursue strategic acquisitions with Saylite to extend the company’s product and brand portfolio. Saylite CEO Jon Sayahwill remain in his current role while Frank Papa, a senior partner at CORE, will become chairman of the company’s board of directors.
“The partnership with CORE provides us with additional resources to broaden our capabilities and product offerings, including the acquisitions of complementary businesses, all of which will prove highly beneficial for our customers,” Sayah said in a statement. “Over the last five years, significant investments have been made in our 180,000-square-foot manufacturing facility in Carrollton, Texas, and we are excited to have CORE’s operational experience to continue improving our USA capabilities.”
CORE Managing Partner John May added: “We are thrilled to partner with Jon and the entire Saylite team, and to continue building on the company’s legacy while supporting its future growth. The investment in Saylite illustrates CORE’s deep experience investing in the industrial technology sector and our continued interest in attractive investments in industries that are benefitting from digital and emerging technologies. We continue to seek add-on acquisitions for Saylite as well as additional industrial technology platforms across North America.”
Norton Rose Fulbright US LLP provided legal representation to CORE in the transaction. KPMG Corporate Finance acted as the financial adviser to Saylite in the transaction.