Lumileds Completes Restructuring – Jonathan Foster Named Chairman of the Board
San Jose, California, October 31, 2022 (BUSINESS WIRE)
- Emerges from Chapter 11 Process Positioned for the Long Term, with Significantly De-Leveraged Balance Sheet and Improved Liquidity
- Appoints Steve Barlow Chief Executive Officer
- Appoints Jonathan Foster Chairman
Lumileds Holding B.V. (“Lumileds” or the “Company”), a global leader in innovative lighting solutions, has successfully completed its financial restructuring and emerged from Chapter 11, having reduced its funded debt by approximately $1.4 billion. With the restructuring transaction completed, Lumileds will be owned by a new group of long-term institutional investors, including Anchorage Capital Group, L.L.C., Nut Tree Capital Management, L.P., and Cerberus Capital Management, L.P.
Lumileds also announced that Steve Barlow, President of Lumileds’ Automotive Business Unit, will be appointed Chief Executive Officer and to its Board of Directors, succeeding Matt Roney. The appointment is effective on November 11, 2022.
Mr. Barlow brings over 30 years of experience in the semiconductor and LED lighting industries and several decades at Lumileds, having most recently served as the President of Lumileds’ Automotive Business Unit and prior to that as President of the Lighting Solutions Business Unit. He first joined the Company in 2003 to help build its LED automotive, camera flash, display, and lighting businesses as head of sales and marketing. He previously held management and sales roles at Hewlett Packard, Cree, and Intematix Corporation. Mr. Barlow holds an MBA from Santa Clara University and a B.S. in Electrical Engineering from San Jose State University.
“We are pleased to have completed this process effectively and within the timeframe we originally projected 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 extraordinary company and team, and I look forward to following Lumileds’ continued success under Steve’s leadership.”
“Lumileds holds a strong position as industry leader and innovator, with incredibly talented and committed people. I am energized and honored to lead Lumileds in this pivotal and exciting time in our business and in our industry,” said Steve Barlow. “We enter this next stage poised for further growth, positioned to capture opportunities, and in an improved position to address changing global market environments.”
For Lumileds, Evercore served as investment banker, Latham & Watkins as restructuring counsel and AlixPartners, LLP as financial advisor. PJT Partners was financial advisor for an ad hoc group of Lumileds’ lenders, and Gibson, Dunn & Crutcher LLP was the group’s legal counsel.
Lumileds is a global leader in OEM and aftermarket automotive lighting and accessories, camera flash for mobile devices, MicroLED, and light sources for general illumination, horticulture, and human-centric lighting. Our approximately 7,000 employees operate in over 30 countries and partner with our customers to deliver never before possible solutions for lighting, safety, and well-being. To learn more about our company and solution portfolios, please visit https://lumileds.com.
About Current Capital Partners
Current Capital Partners LLC is an independent advisory and merchant banking firm focused primarily on the industrial and services sectors. We provide mergers and acquisitions advisory services, corporate management services, and private equity investing. The mergers and acquisitions advisory effort offers high-quality financial advisory services – including actionable ideas, buy-side and sell-side execution, strategic and capital structure reviews, restructuring advisory and related services – for corporate and investment firm clients seeking industry expertise, an independent perspective and senior attention. In our management services effort, we manage investments, provide restructuring advice, sit on Boards of Directors and provide related consulting services for other investors and financial institutions; and offer advice and expert witness services in complex corporate litigation. Our private equity investing business helps create value, primarily in lower middle market and smaller companies, with an integrated operating, finance and investment approach. Our Advisory Board and Executive Network are important advantages for our clients. Learn more at www.currentcap.com.
Jonathan F. Foster
Telephone: +1 212 223 0618