Wheb Venture Partners LLP, a clean- technology investor backed by Ben Goldsmith, son of late billionaire financier James Goldsmith, bought a majority stake in low-energy light maker Hoffmeister Leuchten GmbH.
Wheb provided growth capital to help the German company expand in new markets and broaden its product offering, the London-based investor said today in an e-mailed statement, without disclosing how much it paid. Hoffmeister may also look to buy other companies with similar expertise, it said.
“Lighting currently accounts for 20 percent of global energy consumption, meaning that low-energy LED lighting represents a major growth theme for energy efficiency,” Joerg Sperling, a partner at London-based Wheb, said in the statement.
Energy-saving lights account for about 7 percent of the global market and this may rise to 64 percent by 2020, representing a market of as much as $70 billion a year, Wheb said, citing data from The Climate Group.
To contact the reporter on this story: Louise Downing in London at email@example.com
To contact the editor responsible for this story: Reed Landberg at firstname.lastname@example.org