Fremont Partners Announces Sale of Juno Lighting, Inc. to a Unit of Schneider Electric SA.
Fremont Partners originally acquired its interest in Juno, a leading designer, assembler and marketer of high quality lighting fixtures and systems, through a leveraged recapitalization of the company in June 1999. Under the leadership of Fremont Partners and Juno's management team, Juno pursued a series of initiatives to drive the growth and profitability of the company.
"Juno is a prime example of a typical Fremont Partners' investment. Fremont Partners and Juno's management significantly improved the company's core business -- shortened and improved its product development process, penetrated additional distribution channels and re-engineered its manufacturing operations to reduce product costs. Juno developed and commercialized a revolutionary new lighting technology, Modulight, for use in the florescent lighting market. Juno also expanded its presence in large and untapped commercial lighting categories (HID, emergency/exit, florescent) through acquisitions. Combining Juno with Square D allows the business to leverage the combined distribution channels to offer a broader product portfolio," said Mark Williamson, a Managing Partner of Fremont Partners.
"The sale of Juno represents an excellent result for our investors and takes the total capital returned by Fremont Partners to more than $2.3 billion since August 2003. Fremont Partners' realized returns since 1991 are approximately 3.3x cash-on-cash with an IRR of 47%," continued Williamson.
About Fremont Partners
Fremont Partners is a San Francisco-based private equity firm focused solely on investments in middle market companies. Fremont Partners typically makes substantial equity investments in operating companies with enterprise values up to $1 billion, invests across a diverse range of industries, including food and consumer products, healthcare and medical devices, building products, business services, specialty packaging, specialty finance, and industrial manufacturing. Fremont Partners has invested over $1 billion in 18 primary acquisitions, representing a total transaction value of approximately $4 billion.