Lighting and retail display manufacturer LSI Industries has acquired EMI Industries for a cash price of $50m to expand its store fixtures and food service equipment business.

Based in Florida, EMI is known for its metal and millwork products serving the restaurant, convenience store and grocery industries.

The strategic acquisition is anticipated to establish LSI as a key entity within the display solutions market and expand its presence across various verticals, including QSR/restaurant, grocery and convenience stores.

EMI Industries operates from five production facilities across the US and caters to a wide customer base, including regional and international brands.

LSI Industries president and CEO James Clark said: “LSI continues to build the premier commercial lighting and retail display solutions business in North America. The addition of EMI serves to broaden our product and service capabilities within retail fixtures, displays and food equipment.

“Consistent with our Fast Forward strategy introduced last year, the acquisition positions us to further capitalise on the ongoing, multi-year investment cycle evident across the grocery, refueling/c-store, and restaurant markets.

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“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.

“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.”

LSI Industries said it views this transaction as leveraging a multi-year investment cycle within key markets.

It will position the company to take advantage of capital investment programmes across the restaurant, convenience store and grocery industries as operators adapt to changing consumer preferences.

For the full year 2023, EMI reported a total revenue of $87m and an adjusted EBITDA of $5.5m. The acquisition was funded by LSI through cash and its existing credit facility.