---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-26-009635"
form_type: "8-K"
ticker: "LYTS"
cik: "0000763532"
company_name: "LSI INDUSTRIES INC"
filed_at: "2026-03-24T23:59:59+00:00"
generated_at: "2026-05-15T09:17:58.902259+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 completes $325M acquisition of Royston Group; new credit facility funds deal

## Summary
- Acquired Royston for $325M ($320M cash + $5M stock) on March 24, 2026 from Industrial Opportunity Partners.
- Royston TTM revenue $272M, adjusted EBITDA $38M (~14% margin); 900+ employees across 5 U.S. facilities.
- Financed via new $350M credit facility ($200M term loan + $150M revolver, due 2031) and March 2 public offering.
- Royston to be reported in LSI's Display Solutions segment starting fiscal Q3 2026; ~6 days contribution in Q3.
- Management calls acquisition transformational, expanding integrated retail branding solutions platform.

## SEC filing metadata
- accession: 0001437749-26-009635
- form_type: 8-K
- ticker: LYTS
- cik: 0000763532
- company_name: LSI INDUSTRIES INC
- filed_at: 2026-03-24T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/763532/000143774926009635/0001437749-26-009635-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/763532/000143774926009635/lyts20260320_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-26-009635
- JSON: https://secwatch.observer/filing/0001437749-26-009635.json
- Plain text: https://secwatch.observer/filing/0001437749-26-009635.txt

## Source-grounded claims
- claim_id: 48844004997e0d3399214307d2e2eba44155ba0e
  claim: LSI INDUSTRIES INC incurred credit facility of $350 million with PNC Capital Markets LLC and PNC Bank, National Association at Secured Overnight Financing Rate or a customary base rate, plus an applicable ma maturing March 31, 2031.
  evidence_excerpt: The Credit Agreement provides LSI with a senior secured credit facility (“ Senior Secured Credit Facility ”) pursuant to which the Company will be able to borrow up to $350 million, consisting of a $200 million five-year term loan, and a $150 million revolving credit facility.
  evidence_url: https://www.sec.gov/Archives/edgar/data/763532/000143774926009635/0001437749-26-009635-index.htm
- claim_id: 5e6eb2418af85924c3475f9c1478eac02ed0fb48
  claim: LSI INDUSTRIES INC completed an acquisition involving Royston for $325 million (closed 2026-03-24).
  evidence_excerpt: On March 24, 2026, LSI completed its acquisition of Royston pursuant to the Merger Agreement. At the closing of the transactions contemplated by the Merger Agreement (the “ Closing ”), LSI paid to the stockholders of Royston the aggregate merger consideration of $325 million, subject to a working capital adjustment (the “ Merger Consideration ”), consisting of (i) $320 million in cash and (ii) $5 million in shares of the Company’s common stock, no par value, (the “ LSI Common Stock ”) issued at a price per share of $22.07, the closing price of the LSI Common Stock on February 19, 2026.
  evidence_url: https://www.sec.gov/Archives/edgar/data/763532/000143774926009635/0001437749-26-009635-index.htm
- claim_id: b4336a9f144da1802ec096b0bd375f68532c011a
  claim: LSI INDUSTRIES INC entered into Credit Agreement with PNC Capital Markets LLC and PNC Bank, National Association valued at $350 million (effective 2026-03-24).
  evidence_excerpt: On March 24, 2026, LSI Industries Inc. (“ LSI ” or the “ Company ”) entered into a Credit Agreement by and among PNC Capital Markets LLC (“ PNC Capital ”) and PNC Bank, National Association, as Administrative Agent, Swingline Loan Lender and Issuing Lender (“ PNC Bank ” and together with PNC Capital, “ PNC ”), the other lenders party thereto and the guarantors party thereto. The Credit Agreement provides LSI with a senior secured credit facility (“ Senior Secured Credit Facility ”) pursuant to which the Company will be able to borrow up to $350 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/763532/000143774926009635/0001437749-26-009635-index.htm

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