Date of original investment: 2005
Deal type: Management buy-in
Energy efficient mood lighting. It’s a lifestyle product that signifies a changing India, where middle class aesthetic tastes, environmental responsibility and the need to conserve energy in a rapidly industrialising country, are all impacting design.
It’s also one of 500 products produced by Halonix, India’s number one name in lighting and the country’s largest manufacturer of energy efficient Compact Fluorescent Lamps (‘CFLs’). For years Halonix shied away from the limelight, supplying India’s leading lighting brands and manufacturers with CFL bulbs, under private label agreements. But since taking the decision to build its own brand, Halonix has become one of the top five CFL brands in India, in a market that is set to grow due to government legislation enforcing the use of high power factor CFLs.
But there’s more than one element to Halonix. As well as eco-friendly lighting, it’s also India’s largest manufacturer of halogen headlights, supplying the majority of India’s vehicle manufacturers with their headlamps. It has a market share of 55% in addition to a well-established export business serving 75 countries. Across both businesses the company produces some 150 million light bulbs a year.
Actis gained a controlling share of Halonix in 2007. Building and marketing the Halonix brand became the focus and Actis worked to develop the company’s management team, bringing in experts to help launch the new products, expand the distribution network and implement the strategies that would allow the company to grow domestically and extend into international markets. The goal is to make Halonix the market leader in CFLs as well as the lowest cost lighting producer.