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LSI Industries Advances Strategic Plan With New Acquisition

The company will retain EMI Industries' leadership team and its five production facilities.
Melissa Kress
Logos for LSI Industries and EMI Industries

CINCINNATI — LSI Industries Inc. is acquiring EMI Industries for an all-cash purchase price of $50 million. The move is in line with LSI's "Fast Froward" strategy.

Cincinnati-based LSI is a manufacturer of commercial lighting and display solutions. Florida-based EMI is a metal and millwork manufacturer of standard and customized fixtures, displays and food equipment for the convenience store, grocery and restaurant industries. It designs and manufactures products from five production facilities across the United States.

According to LSI, the acquisition further establishes the company as a market-leading business of scale within the retail display solutions market. Following the successful acquisition of JSI Store Fixtures in 2021, EMI significantly expands LSI's presence in the grocery, convenience store and quick-service restaurant/restaurant verticals. The combined business provides considerable commercial and operational synergies to be realized over the next several years.

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"LSI continues to build the premier commercial lighting and retail display solutions business in North America," said James A. Clark, LSI president and CEO. "The addition of EMI serves to broaden our product and services capabilities within retail fixtures, displays and food equipment. Consistent with our 'Fast Forward' strategy introduced last year, the acquisition positions us to further capitalize on the ongoing, multiyear investment cycle evident across the grocery, refueling/c-store and restaurant markets."

With the combination, LSI can provide a one-stop, end-to-end integrated solution to its customers. The deal also enhances the company's value proposition across the full continuum of product design, manufacture, installation and post-sale support. 

"As we bring together our complementary products, services and technologies, there are significant cross-selling opportunities that enable us to be a single-source provider to more customers throughout North America," Clark added. "The combination represents a major step forward in our ability to serve a growing portfolio of national retail chains that value our integrated, solutions-based approach, which emphasizes quality, reliability and deep technical expertise."

As part of the transaction, the company will welcome EMI's more than 300 employees to LSI, while retaining EMI's leadership team, including President and CEO Alan Harvill, together with each of its five facilities. 

Following the closing of the transaction, EMI will remain an independent brand, given its established commercial presence in the market. LSI anticipates EMI will become part of LSI's display solutions segment on a reporting basis moving forward.

"LSI is an industry leader with a proven record of growth and value creation. We are proud to become the newest part of the LSI team and look forward to unlocking the powerful potential of the combined businesses," Harvill said.

Under its "Fast Forward" strategic plan, LSI intends to drive net sales growth by more than 60% between fiscal year 2023 and fiscal year 2028, with approximately half of this growth supported by acquisition-related contributions, according to Clark. 

"Looking ahead, we will continue to develop leading positions within growing, high-value market verticals that expand our capabilities and reach while continuing to scale our solutions-based platform as we drive long-term value creation for our shareholders," he said.

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