SLI, Inc., Canton, Mass., expanded its energy services offerings through another acquisition of a major energy services company (ESCO). SLI signed a letter of intent with Carolina Power & Light Co., Raleigh, N.C., to buy Parke Industries from the electric utility's Strategic Resource Solutions (SRS) subsidiary. Terms of the agreement were not disclosed.
Parke Industries, based in Glendora, Calif., operates throughout the U.S. from 11 locations and is one of the largest lighting-management companies in the nation. Since it was founded in 1984, Parke has been best-known for its lighting retrofits and is particularly active in schools and universities, hospitals and government facilities.
Parke will become part of SLI Lighting Solutions, which also includes IllumElex, an ESCO that SLI bought last year, and will operate from a new headquarters facility to be established in Raleigh. The facility will combine administrative and distribution functions of SLI Lighting's ballast operations, the recently acquired Supreme Lighting business and Lighting Solutions in one $225 million revenue center, said Frank Ward, chairman of SLI.
SLI has grown aggressively in the lighting market over the past three years through a string of acquisitions, changing in the process from a niche specialist in miniature lamps to a worldwide presence in everything from lamps to fixtures to energy services. The acquisition hunt will continue, said Ward, with particular emphasis on fixture manufacturers and energy services companies.