Ruud Lighting
Ruud Lighting, Inc.
Fund: III
Investment Date: December 2001
Exit Date: January 2007
Headquarters: Racina, Wisconsin

Ruud Lighting, Inc. (“Ruud”), headquartered in Racine, Wisconsin, designs, assembles and markets lighting fixtures and systems for end-use by commercial, industrial and retail customers. Ruud generates 80% of its revenue from sales made directly to contractors; 11% from national accounts, such as Jack in the Box and Burger King; and the remaining 9% from international sales and sales made through distributors or directly to individual customers. Ruud has three basic classifications of products: outdoor (floodlights, landscape lights and poles), industrial (fixtures used to illuminate factories and workspaces) and commercial (primarily recessed and track fixtures for offices, schools, hospitals, and retail stores).

Merit provided subordinated debt with warrants to finance the acquisition by management.