Nualight: Cork firm secures €3m in new investment
Nualight, the Cork-based firm that sells speciality LED lights to the retail and commercial sectors, has secured €3m in funding from existing investors including senator Feargal Quinn's family.
The latest fundraising brings the total amount raised by the firm to over €15m since it was founded in 2004 by Liam Kelly. Mr Kelly retired from his executive role at the business last year. He was succeeded as chief executive by Shaun Gray.
Company filings show that Nualight's latest fundraising was also backed by London-based private equity firm Climate Change Capital, a long-standing investor in the Cork firm. It injected €1.29m in the new fundraising.
ESB Novus Modus, the €200m cleantech and renewable energy investment fund established by the electricity provider, also stumped up €1.29m in the latest equity raising by Nualight.
Feargal Quinn paid €65,000 for additional shares. His two sons also invested in the latest round. Eamonn Quinn, a former chairman of Nualight, has invested €225,000, while Stephen Quinn has invested €51,000. Nualight chairman Per Langholz also subscribed to shares in the latest fundraising, paying €75,000 for his preference shares.
Nualight, which employs about 200 people, counts major retailers such as Tesco, Sainsbury's, Lidl, Morrison's, Spar and the Co-Operative group among its clients.
Its LED lights are also used by customers such as Amsterdam's Schiphol Airport. It has design innovation and light planning centres in the Netherlands and a manufacturing site in Poland.
In 2012, Nualight posted a 54pc increase in revenue to €27.5m compared to the €17.8m it reported the previous year. In 2012, €10.4m of its revenue was derived from the US, €3.2m from the UK and €13.2m from mainland Europe.
It made a €5.2m loss in 2012 compared to a €5m loss in 2011.
"The group is undergoing a period of rapid growth and while a loss is projected for the full year 2013, it is projected that the group will become profit-making in the second half of 2013 and it is projected that the group will continue to generate profits on an annual basis from 2014 onwards," the accounts note.