Organizations
Signify Acquires Douglas Lighting Controls' Assets in a $250K Deal Amidst Universal Douglas Shutdown
Earlier this year, Universal Douglas and Douglas Lighting Controls decided to halt operations. In light of this, Signify has stepped in to acquire Douglas Lighting Controls' assets, patents, and trademark for a sum of $250,000. This acquisition was officially recorded in the Supreme Court of…
Rewinding to March 22, Universal Douglas shut down its North American operations, leading to the sudden departure of most of its workforce. This abrupt decision left many employees disgruntled due to the unexpected nature of the closure.
A year prior, in March 2021, global private investment firm Atar Capital took over Universal Lighting Technologies, Inc. and Douglas Lighting Controls. By September, they rebranded to Universal Douglas and introduced Paul Tudor as the new President and CEO.
The terms with Signify specify an aggregate purchase price of $250,000, to be transferred as per the details in Schedule 2.1. KPMG, a global leader in audit, tax, and advisory services, represented Douglas Lighting Controls as the "Seller" in this transaction. Their role as trustee began on June 13.
Signify, the "Buyer", is acquiring the assets "as is". This includes all patents and patent applications, encompassing 10 patents and a trademark. Additionally, the deal covers over 1,400 SKUs, spanning 37 pages, categorized under "lighting controls".
The agreement also clarifies that Signify is not assuming any liabilities of the Seller or DLC. Furthermore, Universal Lighting Controls and Atar Capital are restricted from using any names or trademarks included in the acquired assets.
