Lead Left Bookrunner for LSI Industries, Inc.

Oppenheimer & Co. Inc. acted as Lead Left Bookrunner for LSI Industries, Inc.’s Public Offering of $90,850,000

Oppenheimer & Co. acted as the Lead Left Bookrunner for LSI Industries Inc. (Nasdaq: LYTS, “LSI” or the “Company”) a leading U.S. based manufacturer of commercial lighting and display solutions. LSI announced today that it has priced its previously announced underwritten public offering.

The Company is offering 4,600,000 shares of its common stock at a public offering price of $19.75 per share. The gross proceeds to LSI from the offering, before deducting the underwriting discounts and commissions and offering expenses, are expected to be approximately $90 million. LSI has granted the underwriters a 30-day option to purchase up to an additional 690,000 shares of its common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about March 2, 2026, subject to the satisfaction of customary closing conditions. All of the shares of common stock are being offered by LSI.

LSI intends to use the net proceeds from this offering to implement its growth and acquisition strategy, including (i) payment of a portion of the purchase price for its proposed Royston Group acquisition pursuant to the Agreement and Plan of Merger, dated February 20, 2026, by and between LSI and Royston Group; (ii) repayment of borrowings under the proposed Senior Secured Credit Facility Commitment Letter, dated January 21, 2026, by and between LSI, PNC Capital Markets LLC, and PNC Bank, National Association, to be used to fund the purchase price of the Royston Group acquisition, which is expected to close in the third quarter of LSI’s 2026 fiscal year; and/or (iii) for general working capital and corporate purposes.

LSI entered into a definitive agreement on February 25, 2026 to acquire privately held Royston Group (“Royston”), a leader in identity and equipment solutions for retail environments, from Industrial Opportunity Partners (“IOP”) for an aggregate purchase price of $325 million, subject to a working capital adjustment, with $320 million of the purchase price payable in cash at closing and the remaining $5 million payable in the issuance of shares of the Company’s common stock, valued as of the closing price of the Company’s common stock on February 19, 2026.

Headquartered in Cincinnati, LSI manufactures advanced lighting, graphics, and display solutions across strategic vertical markets. The Company’s American-made products, which include non-residential indoor and outdoor lighting, print graphics, digital graphics, refrigerated and custom displays, help create value for customer brands and enhance the consumer experience. LSI also provides comprehensive project management services in support of large-scale product rollouts. The Company employs approximately 2,000 people at 18 manufacturing plants in the United States and Canada.

Atlanta-based Royston is a vertically integrated provider of custom store fixtures, internal/external signage, and refrigerated/heated case displays. Through five facilities in four U.S. states, Royston offers customers a build-to-order solution that integrates design, engineering, fabrication, assembly, distribution and turnkey installation capabilities that span the full project lifecycle.

Royston provides retail branding solutions across an array of growing, high-value vertical markets, including refueling/c-store, grocery, and quick-serve restaurant (“QSR”), among others, where LSI has an established market presence. Royston is an established partner of choice for three of the top five U.S. c-store and grocery chains, and four of the top five U.S. refueling station chains by location count.

Royston, and its nearly 900 employees, will become part of LSI’s display solutions segment on a reporting basis upon the closing of the transaction. 

Read the full press release here: LSI Industries Prices Public Offering of Common Stock

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