Osram has sold its Siteco luminaires business to Stern Steward Capital, the investment arm of Munich-based Stern Steward & Co.
According to Osram, “Separation from Osram gives Siteco entrepreneurial freedom,” and Stern Stewart Capital has pledged to continue the current transformational approach to the business.
Although financial details of the transaction were not disclosed, Osram noted that its costs would be improved with the elimination of previous Group structures.
Osram is in the middle of a divestment and reorientation plan that will centre the group on high-tech photonics. Its luminaires businesses are accordingly up for sale, and in 2017 it sold its LEDVANCE lamp business unit.
Stern Stewart is a strategic consultancy that has been supporting Osram on various projects since 2016, including the Siteco business in connection with its transformation process since 2017.
“Stern Stewart will be undertaking an entrepreneurial role and offers Siteco and its employees’ good prospects”, said Olaf Berlien, CEO of OSRAM Licht AG. “In this way, we can ensure strategic and operational continuity for Siteco, while Osram continues to sharpen its profile as a photonics champion.”
Stern Stewart Capital sees Siteco as symbolising innovative lighting technology engineered and made in Germany. “We are looking forward to providing entrepreneurial support to the highly motivated Siteco team and management”, said Markus Pertl, Stern Stewart Capital Managing Partner.