Change-agent business leader acquires tech company positioned for global growth
CHARLOTTE, N.C., Oct. 21, 2019 /PRNewswire/ -- Genesys Global, LLC, a global leader in commercial and industrial HID and LED lighting solutions and technologies, today announced its acquisition by private equity investor BWI Technology, LLC. BWI Technology, LLC has closed the contemplated transaction to purchase substantially all of the company's assets; the new company will do business as Genesys Global.
Genesys, the 10-year-old lighting tech industry star, is known for the development of best-in-class technologies that signify landmark changes in commercial and industrial lighting. The company's patented proprietary gHID™ technology substantially reduces energy consumption in HID lighting equipment, up to 75%. Innovation and a commitment to sustainability and energy efficiency have put the brand at the forefront of the commercial and industrial HID lighting industry.
The ownership transition is marked by the appointment of a new Chief Executive Officer, B. Scott Smith (age 52). Smith is the Co-Founder and former CEO and President of Fortune 300 company Sonic Automotive (NYSE Listed: SAH). He is also an owner of Sonic Financial Corporation (SFC), along with members of his family. SFC is the controlling shareholder of Sonic Automotive, Inc. (NYSE Listed: SAH) and Speedway Motorsports, LLC, (formerly NYSE Listed: TRK). Smith is the sole controlling Member of BWI Technology's parent company, BWI Financial, LLC.
Smith is known for his tenured career as the leader of Fortune 300 company, Sonic Automotive. Since the company's inception in 1997, he served in every significant leadership role, including Co-Founder, CEO, President, COO, and Chief Strategic Officer. His reputation as a notable business strategist was cultivated early in his career when he earned recognition as the youngest President of an NYSE Listed Company at the age of twenty-nine. He was a significant member of the executive management group that led the "Rollup" company from $300M in revenue in 1996 to nearly $10B in 2018, realizing a 14.9 % CAGR over the previous 21 years in revenue. Also, Smith's vision and innovation were the inspiration for the development of EchoPark Automotive, a subsidiary of Sonic Automotive, with revenues of $5M in 2014 to $254M in 2018.
Smith said in a statement, "Genesys is changing the way companies consume energy through lighting. They're not just changing the game. They're reinventing it. When I researched the results of the patented gHID™ technology and its implications to business and the environment, it was a pivotal WOW moment for me. I knew this was something I had to be a part of --- at the helm of this company was exactly where I needed to be."
"Scott is the right person to lead Genesys into the future, given his strong track record in building thriving companies and in driving results," said Ken Hott, former VP Sales, and Operations, newly appointed to the role of Genesys Chief Operating Officer. "His razor-sharp strategic acumen and business leadership are the missing pieces needed for this company to achieve its fullest potential. We are lucky to have him in the driver's seat."
Over the next 18 months, Smith plans to launch research and development for an energy-efficient and affordable alternative solution to the 2000 watt HID and LED market. He will also continue to expand the global sales footprint of Genesys.
Mr. Jason Ramsey, Founder of Genesys Global, LLC, will remain with the new company and serve as Co-Founder and Chief Research and Development Officer. Ramsey stated, "After ten years of development and five years of beta testing, Genesys is ready to bring the gHID™ technology to the world on a massive scale. Scott's experience and ability is the secret ingredient to making that happen. I am thrilled to have the opportunity to continue with the company and develop more energy-efficient products that are 'good' for our planet."
Smith continued, "Genesys is a uniquely special company with a uniquely special patented and proprietary gHID™ technology that has the power to dramatically lower the carbon footprint caused by commercial and industrial lighting. gHID™ retrofits into existing equipment, which eliminates the additional energy consumed in the manufacturing of new LED equipment and reduces environmentally hazardous waste material by not disposing of existing equipment. gHID™ also reduces environmentally hazardous material by not requiring the manufacturing of new equipment, such as LED. gHID™ reduces the consumption of energy on levels similar to LED when compared to traditional HID equipment. It is a huge win for anyone who cares about the environment, sustainability, and affordability. gHID™ is simply a 'greener solution'.
I am grateful and blessed for the opportunity to work with, and lead, such an incredible team of people that has a purpose greater than ourselves, bringing better light to the world. The future looks very bright for Genesys and its client-partners."
About Genesys Global, LLC – Genesys Global serves as an advisor in identifying, procuring, installing, and maintaining the best and most efficient lighting solutions to meet the operational and financial needs of its clients. In addition to its patented gHID™ technology designed to integrate with existing HID structures, the company also offers a portfolio of LED lighting solutions for commercial and industrial clients. Genesys approaches the client-partner relationship with a very long-term partnership view.
Genesys Global is a leader in commercial and industrial lighting technology. Their proprietary gHID™ technology is designed for use with existing HID fixtures. It is proven to reduce energy consumption by up to 75% and reduce maintenance costs up to 50% after the warranty period.
Genesys is a values-driven company, partnering with enterprises committed to the environment, reducing their carbon footprint and energy consumption, as well as their company's operational costs. Genesys offers "Turn-Key/Worry-Free" gHID™ and LED solutions to qualified client-partners so that they never have to purchase another bulb, ballast, or fixture again.
Genesys Global is headquartered in Charlotte, North Carolina.
For more information, visit genesyslighting.com.
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