WEST WARWICK, R.I. — Lighting Science, a leading global provider of retail private-label LED solutions, has entered into a joint venture with Chinese LED manufacturer and lighting company MLS Co.
The joint venture will operate under the name Global Value Lighting and will be based in Rhode Island. Global Value Lighting will capitalize on Lighting Science’s extensive technology and intellectual property, including the company’s nearly 400 LED lighting technology patents, and MLS’s cost-structure and scale as a global LED lighting company.
Global Value Lighting will combine the retail relationships, channel partnerships and strong customer base that Lighting Science has developed in North America for the past 15 years, with MLS’s best-in-class manufacturing, processes and cost-efficiencies. Under the terms of the agreement, Lighting Science will own 51% of the joint venture, with MLS owning the remaining 49%.
“The joint venture with MLS will deliver to our retail partners the best value LEDs, while still providing the same or better quality and innovative solutions as high-priced, name-brand manufacturers,” said Lighting Science CEO Ed Bednarcik. “Ultimately, this will help our retail partners drive sales, margins and customer satisfaction through their private label brands.”
Global Value Lighting will offer and expand Lighting Science’s comprehensive private-label product line, including the company’s patent-protected, industry-leading LED filament offering and award-winning sustainable Durabulb. The joint venture will sell its products under its retail partners’ private-label brands in retail locations across North and South America.
“We are looking forward to working together with Lighting Science to offer LED lighting products at an outstanding value for our retail partners and their customers,” said Sun Quinghuan, chairman of MLS. “Our two great companies perfectly complement one-another and we are excited for a long, profitable partnership.”
Lighting Science’s separate technology business, featuring product lines such as its proprietary HealthE, VividGro, and FreeLED will continue to operate independently of Global Value Lighting. “Lighting Science’s revolutionary technology and significant intellectual property portfolio, alongside MLS’s operational excellence and manufacturing scale position this transformational partnership as the premier supplier in the fast-growing LED private-label space, while allowing other dedicated teams at Lighting Science to maintain their focus on bringing life-changing products in human health, agriculture and infrastructure to market,” said Craig Cogut, chairman of Lighting Science and managing partner of Pegasus Capital Advisors, the company’s largest investor.