SKYX is the company that owns SkyPlug, a luminaire receptacle platform for ceilings, and has just acquired Belami, an e-commerce company that owns 64 lighting and home décor websites. Belami has $88 Million in revenue, and $4.3 Million in EBITDA, in 2022. SKYX is now claiming to own nearly half of all US lighting e-tail websites.
A majority of the purchase price of the acquisition was paid with SKYX’s common stock, reflecting an acquisition price that is 6 multiples of EBITDA, totaling approximately $26 million, for 100% ownership. The cash portion for the closing was financed by major shareholders of SKYX. Owners and management of Belami, who are now SKYX shareholders, will remain with SKYX after the acquisition to continue to run the Belami business and integrate SKYX plug and play ceiling technologies into Belami’s product mix.
Will SKYX now have the e-commerce muscle to force Belami lighting vendors to start purchasing SkyPlug, in order to be sold on Belami’s 64 E-commerce sites? I intend to ask some of Belami’s many vendors. More information about the acquisition is available here.
Image: SkyPlug
