Nualight, a maker of lights for fridges backed by ESB Novusmodus, the €200m ($250m) corporate venturing fund of Ireland-based power utility ESB, has bought Netherlands-based light-emitting diode (LED) technology company Lumoluce.
The deal brings Nualight’s 2011 revenues to more than €25m and values Lumoluce at more than €10m.
Novusmodus provided funding with a €4m investment, alongside Nualight’s other investors, including clean-tech venture capital firm Climate Change Capital.
Bertrand Gautier, a partner of Novusmodus and a director of Nualight, said: “Nualight has established itself as one of the leading LED suppliers for food retailers. Within the high growth accent lighting market, this strategic acquisition will strengthen Nualight’s distribution channels in continental Europe and expand its product portfolio.”