A group led by Revolution Lighting Technologies Inc. Chairman and CEO Robert LaPenta has withdrawn its offer to take the company private.
“While we continue to believe in the desirability of the company ceasing to continue as a publicly traded enterprise, given the publicly disclosed developments since our Offer Letters, we have reluctantly come to the conclusion that now is not the right time for us to pursue such a going private transaction,” the LaPenta-led group, RVL 1 LLC, wrote to Revolution’s board of directors.
“We remain fully committed to the company’s success and seeking ways to ultimately maximize value for the company and all of its stockholders,” it added.
The previous letters of Oct. 16 and Nov. 14 of last year had sought to buy the remainder of Revolution stock not already owned by LaPenta in a bid to reorganize as a private company.
The Stamford firm is scheduled to announce its next quarterly earnings results on March 14, with analysts reportedly expecting it to post sales of $35 million to $38.7 million for the current fiscal quarter. Revolution reported sales of $35.2 million during the same quarter last year.
For the full year ended December 31, 2017, total revenue was $152.3 million, compared to $172.1 million for the comparable period in 2016.