The Board of Gerard Lighting Group (GLG) has signed a contract for the sale of its Pierlite business to Signify, a global provider of lighting and technology solutions.

In announcing the sale of Pierlite, GLG chairman Ben Sebel says Signify’s scale and worldwide footprint will rapidly accelerate Pierlite’s growth and enable the business to better service the ANZ market.

“We’re very proud of the growth achieved by Pierlite in Australia and New Zealand over its 70-year history, bringing world-class lighting solutions to market, establishing a robust worldwide network of suppliers and partners, and importantly, delivering on large-scale projects to meet the needs of our customers,” Ben says.

Pierlite chief executive Gustav Arianto says the sale presents new opportunities for Pierlite to better service its customer base and enhance its offering: “It is a big day for us at Pierlite and there is a lot to look forward to as we embark on our next phase of growth with Signify.

“For years to come, our valued customers, suppliers and staff will greatly benefit from the opportunities and synergies that come with Pierlite joining the world’s lighting leader. I’m delighted that after a period of transformation, growth and assessment of strategic options, Pierlite will finally be home.”

Signify cluster leader, Pacific, David Gardner says that the company is excited to announce the news, bringing together two companies and brands that have a long history in Australia and New Zealand: “Uniting the organisations ensures that we offer best in class global and local solutions for our chosen segments and helps us to answer the growing desire for Australian-made/Australian-owned products, systems and services.”

Pierlite’s operations, including its workforce, management structure, and existing pricing and supply arrangements will remain unchanged. The sale process is expected to be completed in the first half of 2022, subject to customary closing conditions.

Ankura Consulting acted as GLG’s financial advisor to the sale.