Acuity Brands to buy venture-backed Distech Controls for $318 mln
Acuity Brands Inc (NYSE: AYI) has agreed to acquire Distech Controls Inc, a Canadian provider of building automation and energy management solutions. Acuity Brands, a U.S. specialist in lighting solutions, will pay $318 million in cash for the company in a deal that is expected to close within the next four to eight weeks. Founded in 1995, Distech has raised close to US$40 million from venture capital firms. Its backers include the Caisse de dépôt et placement du Québec, EnerTech Capital, Export Development Canada, Fonds de solidarité (FTQ), Samsung Ventures and W2 Investments. Distech Controls said in a statement that it will continue to operate from its head office in Brossard, Québec, and will continue to be led by founder Étienne Veilleux.
