Johnson Controls Acquires LUX Products
Bowen Advisors Serves as Strategic Advisor to LUX
BOSTON, October 10, 2018 – Bowen Advisors is pleased to announce that LUX Products has been acquired by Johnson Controls (NYSE: JCI), a Global 500 diversified technology and multi-industrial company. A market leader in residential thermostats and smart home products, LUX will become part of JCI’s Building Technologies & Solutions group. Bowen Advisors acted as the exclusive sellside M&A advisor to LUX.
“Given the exciting growth opportunities in IoT, we were looking for a partner in LUX Products which could help the business achieve its full potential,” said Edwin McAuley, Chairman of LUX. “Bowen Advisors had the experience, contacts and team to help us thoroughly evaluate options and find the right partner for our growing smart home and building automation business.”
“The acquisition of LUX strengthens our portfolio in the consumer retail channel and offerings in thermostats,” said Chris Eichmann, vice president, general manager of Johnson Controls. “We are excited to work together with LUX to bring great products to even more customers, leveraging Johnson Controls’ resources to drive continued innovation.”
“IoT and automation are driving billions of dollars of new economic value across industrial, communications, services and consumer markets globally,” said Paul Bowen, President of Bowen Advisors. “In this rapidly evolving market environment, companies are looking for innovative products and solutions in smart devices, high-speed wireless networking, and analytics to take advantage of IoT opportunities and drive value. Our dedicated IoT deal team is intensely focused on helping clients from consumer and home automation to industrial applications achieve optimal outcomes with strategic acquirers like JCI and leading private equity and growth investors.”