Lighting Science Group

Market position

Described in investor and press release materials as one of the world's leading LED lighting manufacturers, operating in a market where LED products were displacing incumbent lighting technologies.

Technology

Lighting Science Group's lighting solutions are based on proprietary Optimized Digital Lighting (ODL) technology, together with patented and patent-pending designs in power management, thermal management, controls, micro-electronics and manufacturing processes intended to reduce energy consumption and operating costs. Through the Lamina Lighting asset acquisition the company added light engine and module product lines (Atlas, Titan and SoL series) and associated intellectual property.

Go-to-market

The company sells through commercial, public sector and consumer distribution networks and OEM relationships, and stated plans to invest in sales and marketing to support products across an increasing number of channels, aided by the commercial networks of its investors.

Distribution reaches commercial networks such as real estate owners/operators, retailers and hospitality; public sector networks including the military and municipalities; consumer networks such as large-volume home improvement centers; and OEM partners.

Geography

Headquartered in Satellite Beach, Florida, with European operations based in Middelburg, the Netherlands, and a sales office in Sydney, Australia. Earlier materials list offices in New York; Sacramento, California; Satellite Beach, Florida; Dallas, Texas; Tokyo, Japan; Goes, the Netherlands; and Buckinghamshire, England.

History

In a transaction combining LED Holdings, LLC with Lighting Science Group, the merged entity retained the Lighting Science Group name and continued trading on the NASDAQ bulletin board under the symbol LSGP; affiliates of Pegasus Capital Advisors, the largest owners of LED Holdings, beneficially owned approximately 42% of Lighting Science Group common stock on a fully-diluted basis and were entitled to elect a majority of the board. Govi Rao, previously CEO of LED Holdings and formerly of Philips Solid State Lighting, became CEO, with Ken Honeycutt retaining the role of President and Chief Operating Officer and Ron Lusk, the outgoing CEO, continuing as Vice Chairman. The executive team included Kevin Furry (founder of LED Effects) as Chief Technology Officer, Fred Maxik (founder of Lighting Science, Inc.) as Chief Scientific Officer, Dean Seniff as Chief Financial Officer, Zach Gibler as Chief Business Development Officer, Lynn Vera as Chief Human Resources Officer and Paul Kallmes as IP Strategist. The company subsequently acquired all assets of Lamina Lighting, Inc. for $4.5 million in cash with potential earn-out payments of up to $10.5 million, and in 2012 completed a series of private placements. In 2012 Brad Knight joined as Chief Operating Officer and Keith Scott as Chief Commercial Officer, and Zouk Capital founder and CEO Samer Salty joined the board of directors.