LSI Industries Acquires Royston Group for $325M

By Chris Stiles • Wednesday, March 25 04:25 • Permanent Link

LSI Industries completed its $325 million acquisition of Royston Group, paying $320 million in cash and $5 million in LSI common stock.

Royston brought in about $272 million in trailing-12-month revenue and $38 million in adjusted EBITDA for the period ended Sept. 30, 2025, a 14.0% margin.

On a combined basis for that same 12-month period, LSI and Royston would have produced $864.4 million in net sales and $95.3 million in adjusted EBITDA, with an 11.0% margin.

LSI itself reported $592.5 million in net sales and $57.3 million in adjusted EBITDA for the period, while Royston contributed the remaining $271.8 million of sales and $38.0 million of adjusted EBITDA.

The deal was funded with debt and proceeds from LSI’s public stock offering completed March 2, 2026.

Royston’s results will begin flowing into LSI’s display solutions segment in the fiscal 2026 third quarter, with roughly six days of contribution expected in that quarter.

The combined company now has about 2,000 employees at 18 manufacturing plants across the U.S. and Canada, including Royston’s more than 900 workers at five facilities in four states. Following these announcements, the company's shares moved -0.1%, and are now trading at a price of $19.85. Check out the company's full 8-K submission here.

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