---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-26-005618"
form_type: "8-K"
ticker: "LYTS"
cik: "0000763532"
company_name: "LSI INDUSTRIES INC"
filed_at: "2026-02-25T23:59:59+00:00"
generated_at: "2026-05-16T00:33:46.017388+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# LSI Industries acquires Royston Group for $325M to create integrated retail branding platform

## Summary
- Purchase price $325M: $320M cash at close, $5M in LSI common stock valued at Feb 19 close.
- Pro-forma TTM Sep 2025 combined revenue ~$864M, adjusted EBITDA ~$95M (11.0% margin).
- Royston generated TTM Sep 2025 revenue ~$272M, adjusted EBITDA ~$38M (14.0% margin).
- Transaction expected to close in LSI's fiscal Q3 2026, subject to HSR clearance.
- Financing: PNC commitment to increase credit facility to $425M; pro-forma net leverage ~3.0x at close.

## SEC filing metadata
- accession: 0001437749-26-005618
- form_type: 8-K
- ticker: LYTS
- cik: 0000763532
- company_name: LSI INDUSTRIES INC
- filed_at: 2026-02-25T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/763532/000143774926005618/0001437749-26-005618-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/763532/000143774926005618/lyts20260223_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-26-005618
- JSON: https://secwatch.observer/filing/0001437749-26-005618.json
- Plain text: https://secwatch.observer/filing/0001437749-26-005618.txt

## Key facts
- Material Agreements
  LSI INDUSTRIES INC entered into Agreement and Plan of Merger with SRR Holdings, Inc. (Royston) valued at aggregate purchase price of $325 million, subject to a working capital adjustment, with $320 million (effective 2026-02-20).
  - Action: entry
  - Agreement: merger
  - Counterparty: SRR Holdings, Inc. (Royston)
  - Value: aggregate purchase price of $325 million, subject to a working capital adjustment, with $320 million
  - Effective: 2026-02-20
  source text: On February 20, 2026, LSI Industries Inc. (“ LSI ” or the “ Company ”) entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) with SRR Holdings, Inc., a Delaware corporation (“ Royston ”), and Rhino Acquisition Company, Inc., a Delaware corporation and a wholly-owned direct subsidiary of the Company (the “ Merger Sub ”), pursuant to which LSI, through Merger Sub, agreed to merge with and into Royston, with Royston surviving (the “ Merger ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/763532/000143774926005618/0001437749-26-005618-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.