CPE News (6/13/2021) – LMPG Inc. announced that it has decided not to pursue its recently announced initial public offering (IPO), citing non-optimal current market conditions.
LMPG has yet to formally withdraw its prospectus.
LMPG said it will revisit its IPO strategy when market conditions will be less volatile.
LMPG Inc. has previously planed to raise $300 million from a treasury and secondary offering. In addition, LMPG and its principal shareholder Power Energy would enter into a secondary private placement with Investissement Québec, British Columbia Investment Management Corporation, Fonds de solidarité FTQ for gross proceeds of $250 million.
Under the proposed offering, François-Xavier Souvay, founder, President & CEO, would own 100% of newly created Multiple Voting Shares, carrying approximately 61% of total voting rights on a fully diluted basis, regaining control of the company.
LMPG Inc., formerly known as Lumenpulse Group Inc. was taken private by Power Energy Corporation, a wholly-owned subsidiary of Power Sustainable Capital, for $590 million in cash.
LMPG Inc. is an industrial technology company that designs, develops, manufactures and sells a wide range of high performance and sustainable specification-grade smart LED lighting solutions for commercial, institutional and urban environments. LMPG has over 700 employees worldwide, with corporate headquarters in Montreal, and offices in Vancouver, Québec City, Boston, Florence, and Chicago.
photo credit: LMPG
News Release
LMPG Inc. Halts IPO Plans
Montréal, QC, June 11, 2021 – LMPG Inc., an industrial technology leader with a core focus on specification-grade LED lighting solutions, has decided not to pursue its recently announced IPO, citing non-optimal current market conditions.
The IPO was launched in the context of accelerating the company’s acquisition strategy which was designed to seize growth opportunities in its sector post the COVID-19 pandemic.
With this pause in its IPO, the company will focus on the ongoing execution of its strategic plan and build on its organic growth in its current markets.
“LMPG has enjoyed tremendous success in delivering on operational excellence despite a challenging 2020,” said François-Xavier Souvay, Founder, President and CEO of LMPG Inc. “We are well positioned to seize on the secular industry tailwinds that will continue to drive growth in our business. Our ongoing investments in new products and technologies are key to capturing growing opportunities in smart cities, buildings and infrastructure projects.”
The company will revisit its IPO strategy when market conditions will be less volatile.
Editor’s Notes:
About LMPG Inc. (previously Lumenpulse Group Inc.)
Founded in 2006, LMPG Inc. is an industrial technology company that designs, develops, manufactures and sells a wide range of high performance and sustainable specification-grade smart LED lighting solutions for commercial, institutional and urban environments. LMPG has earned many awards and recognitions, including several Red Dot Product Design Awards, Product Innovation Awards (PIA) and Next Generation Luminaires Design Awards, among others. LMPG has over 700 employees worldwide, with corporate headquarters in Montreal, Canada, and offices in Vancouver, Québec City, Boston, Florence, and Chicago.
For further information about LMPG Inc., contact:
Andréanne Sirois-Carey Communications Manager 1 (514) 937-3003 ext. 294 asiroiscarey@lmpg.com