(Credit:
LSG)

Lamina Lighting, a seven-year-old LED lighting company, on Tuesday said that it is selling its assets to Lighting Science Group Corporation (LSG), which makes customized LED lighting fixtures.

LEDs consume less electricity than compact fluorescent and incandescent bulbs and can be tuned to a wide range of colors and shapes. They are still more expensive than other bulbs, however, so they are largely used in commercial installations.

LSG's LED bulb.

Cree purchased Lighting Fixtures for almost $100 million earlier this year, while lighting giant Philips has made a number of LED-related purchases.

Lighting Science Group is paying $4.5 million in cash for Lamina’s assets, but the total could go up another $10.5 million based on Lamina’s sales in 2009. LSG will take out a $20 million line of credit to finance the deal.

Is the nascent LED market already going through a consolidation phase?

In its coverage, Earth2Tech notes that there have already been a number of deals that point to consolidation in LEDs.

Lamina itself has raised at least $16 million, including a round in 2005 and one last year. It had revenue of $2.1 million for the first six months of this year. So it appears that the company didn’t sell itself from a position of strength.