CVC builds European lighting group

CVC Capital Partners has acquired a Belgian lighting company to be incorporated into a newly created pan-European group, Partners in Lighting International.

European private equity firm CVC Capital Partners (CVC) has acquired Modular NV, a specialist architectural lighting company. Financial details of the transaction were not disclosed.

Modular will be incorporated into CVC’s newly created pan-European group Partners in Lighting International (PLI), set up to operate in Europe’s fragmented lighting fixtures market.

PLI also incorporates Massive NV, a Belgian-headquartered designer, manufacturer and distributor of residential lighting fixtures, which was acquired by CVC in June 2002 for $272 million (€226 million).

The acquisition was made from CVC European Private Equity Partners III Fund, which closed in June 2001 on €4.65 billion ($5.6 billion) and which is more than 50 percent committed at this stage.

CVC intends to continue investing in the European lighting marketplace through the holding company. Jules Noten, chief executive officer of PLI said in a statement: “We will continue to seek other opportunities in the lighting fixtures sector to strengthen further PLI’s European market leadership.”

CVC recently participated in the $3.4 billion take private of UK retailer Debenhams, the $4.3 billion acquisition of Scottish & Newcastle’s retail pub estate and the $6.4 billion acquisition of Italian directories business Seat Pagine Gialle SpA from Telecom Italia.