Evolution Lighting Purchases Catalina Lighting
April 16, 2010,
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MIAMI-Evolution Lighting, an affiliate of Boyne Capital Partners, has acquired the assets of Catalina Lighting through a section 363 asset sale under Chapter 11. The company is now Evolution Lighting, doing business as Catalina.
Boyne is a private equity firm that acquires companies generating between $2 million and $10 million of cash flow, and focuses on the consumer product, healthcare, niche manufacturing and financial services industries, according to a statement from the company.
"As we look to grow the business, Boyne's considerable experience in the consumer products arena will accelerate our growth and the realization of our business plan," said Cory Meyer, president and chief executive officer, Evolution Lighting. "Aligning ourselves with a proven financial partner such as Boyne provides a solid foundation to promote our growth well into the future."
Meyer added that there were no changes in management or company associates, and the Catalina brand "will continue into the future with no change. This is a very important brand."
Derek McDowell, managing partner, Boyne, added, "We are excited about the acquisition of Catalina. We were impressed with the strength of the management team as well as its market position. We viewed Catalina as the classic 'good company with a bad balance sheet'."
Catalina Lighting filed for bankruptcy protection in February.