17 February 2021
We advised Baird Capital and management shareholders on the sale of Collingwood Lighting to sustainability-focussed investor Ambienta Sgr S.p.A.
Collingwood is a leading designer and supplier of residential, commercial and exterior luminaires into the professional refurbishment and new-build markets in the UK and France.
Baird Capital originally invested in Collingwood in 2018, following a proactive search and marketing campaign targeting LED lighting as part of its energy efficiency investment thesis. The LED lighting market is experiencing growth as a result of the transition from incandescent to energy-efficient LEDs. During Baird Capital’s two and a half years of ownership, Collingwood has grown at over 11% CAGR and doubled its adjusted EBITDA, exceeding Baird Capital’s investment plan.
Commenting on the deal, private equity partner James Goold, said: "We're delighted to have helped Baird and management on this successful sale. The deal is a great example of private equity investing in businesses which contribute to sustainability, and we can only see this trend continuing. We wish the Collingwood team all the best with their new investors."
James Benfield, partner with Baird Capital, said: "We invested in Collingwood in 2018 because we saw an opportunity to back Steve and his team’s vision to take a business with a fantastic brand and an enviable customer reputation and grow it rapidly. Collingwood is at the forefront of product innovation in the electrical wholesaler channel. James, Jonny and the Taylor Wessing team supported us on the acquisition and throughout our hold period, culminating in today’s exit. We’d like to thank them for their support and their creative and commercial advice to help deliver the sale."
The team was led by private equity partners Jonny Bethell and James Goold, and also included private equity associate Alice Picton, banking & finance partner Martin Yells and associate Katie Horbury, and tax senior counsel James Stewart and associate Madison Lawler.