"ERP is recognized by the market as a leading provider of LED drivers that are enabling the evolution from analog to digital in the lighting industry. We see this as a compelling opportunity for our firm to partner with a great management team and position ERP to outperform the market, deliver superior financial results and drive industry consolidation," said Timothy Meyer, co-founder and managing partner of Angeles Equity Partners.
"We envision a future where LED lighting will be the backbone of the Internet of Things (IoT), enabling a completely new connected world where light becomes data and delivers engaging interactive experiences for people everywhere," said Michael Archer, CEO of ERP Power. "The Angeles Equity Partners team has significant experience creating value in businesses in which they invest. We believe – based on AEP's power electronics industry experience, operational capabilities, and M&A expertise – they are the right partner to help us achieve our long term potential."
"ERP is an innovative leader in the LED lighting revolution," said Jack Zukerman, CEO of LF Illumination, and legendary entrepreneur whose energy saving technologies have captured the admiration and imagination of the architectural lighting industry. "Because of their technology, responsiveness, flexibility and service, ERP is instrumental to LF Illumination's growth as a key partner who delivers ever-smaller LED drivers with superior dimming, flexible programming, and intelligent controls."
"This is a proprietary transaction that aligns tightly with our firm's strategy and capabilities; and is the result of a proactive, thesis-driven deal origination strategy leveraging our power electronics sector knowledge. We view ERP as the ideal cornerstone investment to build a leading scale asset in the LED drivers space," said Jordan Katz, co-founder and managing partner of Angeles Equity Partners.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160601006659/en/