Public and Private
Genlyte Group Announces Acquisition of JJI Lighting Business
By Louisville, KY and Greenwich, CT
May 12, 2006, 17:30

Genlyte Group announced that it has reached an agreement to acquire by way of merger JJI Lighting ("JJL"). JJI is one of the largest privately held lighting fixture companies in the U.S. The company has a group of recognized niche lighting brands that will complement Genlyte's current product offerings. Approximately 85% of JJI's revenues result from architects, engineers and designers specifying JJI's products. The merger is expected to be completed within the next three weeks. The purchase price for the transaction is expected to be $118.0 million plus liabilities for employee benefits, restructuring, and trade payables, less estimated debt liabilities of $76.4 million which will be eliminated at the closing.

For the year ended December 31, 2005, JJI achieved net sales of $129.3 million and reported operating income of $11.9 million before restructuring and debt related costs. Pro forma 2005 EBITDA excluding nonrecurring restructuring costs, and costs for planned terminations of pensions and leases, is estimated to be $18.0 million.

INFO SOURCES

Genlyte Group (NASDAQ: GLYT); JJI Lighting

FIRMS

The Genlyte Group Incorporated (NASDAQ: GLYT), controls a 100% interest in Genlyte Thomas Group LLC, which is a leading manufacturer of lighting fixtures, controls, and related products for the commercial, industrial and residential markets. Genlyte Thomas sells lighting and lighting accessory products under the major brand names of Capri, Chloride Systems, Crescent, Day-Brite, Gardco, Hadco, Ledalite, Lightolier, Lightolier Controls, Lumec, Shakespeare Composite Structures, Stonco, Thomas Lighting, Vari-Lite, Wide- Lite, and Canlyte.

JJI Lighting Group ("JJL"), is headquartered in Greenwich, Connecticut. JJI has 15 branded business units (13 based in the US and 2 in Europe) which focus on specification-grade products. Indoor lighting divisions include Alkco, Ardee, d'ac Lighting, Guth, Morlite, High-Lites, LAM, Nessen, Specialty, and Vista. Outdoor Lighting divisions include Allscape, Metrolux, and Quality. In addition, Hoffmeister Leuchten Gmbh located in Germany with a sister company in Sweden is included in the transaction. The U.S. accounts for 75% of JJI's revenues. The company's manufacturing base consists of six facilities in the U.S. and one in Germany and employs 650 people.

ADVISORS

Sagent Advisors Inc. served as financial advisor to Genlyte and provided a fairness opinion in connection with this transaction.