Mon, 28 Oct 2024 | BUSINESS SALE
A Welsh-based LED lighting systems supplier for superyachts has been bought by multinational tech business Garmin.
Swansea headquartered Lumishore, which was founded in 2008, designs and manufactures a broad range of single, dual and full-colour change underwater and above-water lighting systems for boats from superyachts to cruisers or day boats. It also produces high-definition underwater cameras allowing clients to take pictures of the sea life below deck.
In addition, the group has a distribution centre in Sarasota, Florida, USA and in-house R&D and production facilities. Its staff will become part of the global Garmin workforce following the deal.
Most of the group’s sales come from the US with demand in the UK, according to the company, coming primarily from boatbuilders. In its most recent results for the year ending 2023 it posted a turnover of £9.1million, up from £8.4 million the previous year thanks to demand from superyacht owners. Pre-tax profit dropped marginally to just over £2 million from £2.1 million due to rises in the cost of electronic components.
Eifrion Evans, Lumishore founder and chief executive, said: "Since our founding, Lumishore has been passionate about creating innovative products that enhance the boating experience.”
He said Swiss-based Garmin shared its passion for serving the marine industry, making them an ideal company to carry Lumishore into the future. “We look forward to a bright future working together as we continue to elevate the lighting experience for our customers,” he said.
The acquisition was attractive to Garmin as it added premium LED lighting into its product portfolio.
Jarrod Seymour, Garmin vice president, marine segment leader, said: "Lumishore brings an exciting new product category that complements Garmin's existing marine portfolio and furthers our ability to provide seamless vessel integration. As a technology leader in LED lighting, Lumishore will expand Garmin’s innovative solutions all around the vessel.”
Financial terms of the deal were not disclosed.
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