SAN JOSE, Calif.–(BUSINESS WIRE)–October 31, 2022–
Lumileds Holding BV (“Lumileds” or the “Company”), a global leader in innovative lighting solutions, has successfully completed its financial restructuring and graduated from Chapter 11, having reduced its funded debt by approximately 1.4 billion dollars. Upon completion of the restructuring transaction, Lumileds will be owned by a new group of long-term institutional investors, including Anchorage Capital Group, LLC, Nut Tree Capital Management, LP and Cerberus Capital Management, LP
Lumileds also announced that Steve Barlow, president of Lumileds’ automotive business unit, will be named chief executive and member of its board of directors, succeeding Matt Roney. The appointment is effective November 11, 2022.
Mr. Barlow brings more than 30 years of experience in the semiconductor and LED lighting industries and several decades to Lumileds, having most recently served as President of Lumileds’ Automotive Business Unit and previously as President of the Lighting Solutions Business Unit. He first joined the company in 2003 to help grow its automotive LED, camera flash, displays and lighting business as head of sales and marketing. He previously held management and sales positions at Hewlett Packard, Cree and Intematix Corporation. Mr. Barlow holds an MBA from Santa Clara University and a BS in Electrical Engineering from San Jose State University.
“We are delighted to have completed this process efficiently and on schedule thanks to the support and dedication of our employees, customers, vendors, suppliers and our new owners,” said Matt Roney. “It has been a privilege to lead this amazing company and team, and I look forward to following the continued success of Lumileds under Steve’s leadership.”
“Lumileds is in a strong position as an industry leader and innovator, with incredibly talented and committed people. I am delighted and honored to lead Lumileds at this pivotal and exciting time for our company and our industry,” said Steve Barlow. “We enter this next stage ready to continue our growth, positioned to seize opportunities and in a better position to face changing global market environments.”
For Lumileds, Evercore served as investment banker, Latham & Watkins as restructuring advisor and AlixPartners, LLP as financial advisor. PJT Partners was the financial advisor to an ad hoc group of Lumileds lenders, and Gibson, Dunn & Crutcher LLP was the group’s legal advisor.
Lumileds is a global leader in OEM and aftermarket automotive lighting and accessories, camera flashes for mobile devices, MicroLEDs and light sources for general lighting, horticulture and center centric lighting. the human. Our more than 7,000 employees operate in more than 30 countries and partner with our customers to provide unprecedented solutions in lighting, security and well-being. To learn more about our company and our solution portfolios, please visit https://lumileds.com.
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CONTACT: FGS Global for Lumileds
Kal Goldberg/Frances Jeter
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY HARDWARE AFTERMARKET AUTOMOTIVE
SOURCE: Lumileds Holding B.V.
Copyright BusinessWire 2022.
PUBLISHED: 10/31/2022 2:45 PM / DISK: 10/31/2022 2:46 PM
Copyright BusinessWire 2022.