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GC Andersen provides debt financing for Saratoga’s Philips Lighting acquisition

Saratoga Partners has acquired the xenon cinema business from Philips Lighting, with debt financing provided by GC Andersen Partners Capital. 

The business, to be named Lighting Technologies International (LTI), is a major manufacturer of xenon arc lamps for digital cinema projectors used in the worldwide cinema exhibition industry. 
GC Andersen Partners, through its wholly-owned broker-dealer GC Andersen Partners Capital, acted as exclusive financial adviser and placement agent to Saratoga and raised the debt financing to complete the transaction. 
Financing was provided by PNC Bank and Graycliff Partners.
LTI, based in Baldwin Park, California was established in 1999 and has captured a significant share of the global cinema xenon lamp market. Acquired by Philips in 2007, this transaction returns LTI to its independent, entrepreneurial roots. The LTI management team has transitioned over to the new operating unit.
As part of the transaction, Philips has granted a license enabling the new entity to continue to produce and sell xenon lamps under the Philips brand worldwide.
Philips Lighting, which focuses on further strengthening its global leadership in connected LED lighting products, systems and services, will continue to provide lighting applications and systems to cinemas and theatres and remains committed to LED-based projection lamp innovations. 
The terms of the sale have not been disclosed.
“We see substantial growth opportunities in the cinema and other specialty lighting markets, and we look forward to working with management to build the business,” says Christian L Oberbeck, managing director of Saratoga Partners. “We believe that we are well positioned to acquire and grow LTI as a stand-alone entity building on our history of successful acquisitions in the lighting space, track record of growing revenues and improving profitability of our lighting businesses, and long history and success in acquiring and building similarly sized companies.”

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