Benzinga | Jan 14, 2022 05:15PM EST

Orion Energy Systems Acquires Stay-Lite Lighting For ~$3.7M

Orion Energy Systems, Inc. (NASDAQ:OESX) has acquired Stay-Lite Lighting, a nationwide lighting, and electrical maintenance service provider, for a cash purchase price of $3.7 million, subject to closing adjustments.

* In addition, based on the relative gross profit growth of Stay-Lite Lighting's legacy business over the next two calendar years, Orion could pay up to an additional $0.70 million in earn-out.

* Stay-Lite Lighting has annual revenues of approximately $9 million.

* The acquisition accelerates the growth of the Orion Maintenance Services business. Stay-Lite Lighting will operate as Stay-Lite, an Orion Energy Systems business.

* The acquisition will also allow Orion to continue to grow its recurring revenues and more quickly support customers' needs.

* "The acquisition of Stay-Lite Lighting into the Orion portfolio adds high-profile retail customers, self-performing capabilities in 15 states, and a nationwide network of service coverage," stated Mike Altschaefl, Orion CEO and Board Chair.

* Orion held cash and equivalents of $14.74 million as of September 30, 2021.

* Price Action: OESX shares are trading lower by 1.48% at $3.66 on the last check Wednesday.