Lighting Science Group Corporation designs, develops, manufactures and markets LED lighting solutions that are environmentally friendlier and more energy efficient than traditional lighting products. Lighting Science Group offers retrofit LED lamps in form factors that match those of traditional lamps or bulbs and LED luminaires designed for a range of applications including public and private infrastructure for both indoor and outdoor use. Lighting Science Group’s Advanced Projects Group business unit designs, develops and manufactures custom LED lighting solutions for architectural and artistic projects. Lighting Science Group employs approximately 1,000 workers building lighting products from domestic and imported parts. More information about Lighting Science Group is available at www.lsgc.com.
Investment Overview
In May 2012, Riverwood Capital led a new round of funding for Lighting Science Group that totaled approximately $140 million in equity funding and commitments, of which approximately $88 million was new equity funding and commitments, and approximately $52 million represented the conversion of certain bridge financings occurring since the fourth quarter of 2011. The proceeds from the new equity funding and commitments will be used to finance the Company’s growth, expand its manufacturing capabilities, and enhance its leadership position in developing innovative energy-efficient LED lighting products for consumer and commercial applications in both the public and private sectors.
Ambarella is a technology leader in low-power, high-definition video compression and image processing solutions. Ambarella products are helping to define a new class of hybrid consumer digital cameras that combine unmatched high-definition video and digital still images together in one device. Ambarella technology is also widely used in television broadcasting with a significant amount of TV programming worldwide being transmitted using Ambarella compression chips. Additionally, Ambarella SoCs are well-suited to drive the latest generation of HD security IP cameras. Ambarella is the recipient of the Global Semiconductor Alliance (GSA) 2011 award for “Most Respected Private Semiconductor Company.”
Investment Overview
In January 2012, Riverwood completed a transaction in which it led a minority investment in Ambarella.
Ambarella had an IPO in October 2012. Riverwood fully realized its investment over the following year.
BrightSource Energy designs, develops and deploys concentrating solar thermal technology to produce high-value steam for electric power, petroleum and industrial-process markets worldwide. BrightSource combines breakthrough technology with world-class solar power plant design capabilities to generate clean energy reliably and responsibly. BrightSource’s LPT solar thermal system is designed to minimize impact to the environment and help customers reduce their dependence on fossil fuels. Headquartered in Oakland, Calif., BrightSource Energy has operations in the United States, Australia, South Africa and Israel.
BrightSource has approximately 2.4 gigawatts of power under contracts with Southern California Edison and Pacific Gas & Electric Company, California’s two largest utilities. In addition, the company manages an approximately 90,000 acre development site portfolio in California and the U.S. Southwest that has the potential to accommodate approximately 9 GW of installed capacity.
Investment Overview
In early 2011, Riverwood participated in a $200 million growth equity financing in BrightSource. Riverwood partner Nicholas Brathwaite joined the board of directors to assist in growing the company internationally and to lend expertise in operations, supply chain, and technology design.
A leading innovator and provider of CMOS imaging technology, Aptina delivers excellent pixel performance, sensor functionality and camera system capability to a world going visual.
Aptina enables Imaging Everywhere™ and has created a market-leading portfolio of image sensor products found in leading consumer electronics like smartphones, tablets, laptops, digital and video cameras, as well as applications in surveillance, automotive, medical, video conferencing, and gaming.
Investment Overview
In early 2008, Riverwood began working with Micron to carve-out their CMOS imaging division. Riverwood partner Nicholas Brathwaite joined as the interim-CEO of the business, now known as Aptina, and led the carve-out. In mid 2009, Riverwood, together with an investor group, completed the carve-out of Aptina from Micron. Micron retained a minority interest in the business and remains a valued partner.