Juno designs, assembles and distributes commercial and residential lighting solutions recognized for their innovative technology, attractive styling, energy-efficiency and exacting standards of quality and performance.


  • Leading designer, assembler and marketer of recessed and track lighting fixtures
  • Company’s products are used in residential and commercial remodeling and new construction applications

Calera-Supported Initiatives:

  • Expanded Distribution: Under Calera’s guidance Juno expanded its channels of distribution to include buying groups and home centers, which led to significant growth opportunities for the business.
  • Process Improvement: Calera worked with management to execute a process improvement project led to significant gains in operational effectiveness and efficiency.
  • New Product Development: The Company also revamped its product development process to greatly increase innovation and accelerate time to market for new products.
  • Sourcing: The Company expanded its component sourcing capabilities and increased its purchases from lower cost, but high quality offshore suppliers from 12% to 40% of total spend, significantly reducing its cost of goods.
  • Acquisitions: Calera helped the company to complete two acquisitions to further expand its product offering.
  • Senior Management: Following the initial investment, Calera appointed Tracy Bilbrough as CEO of Juno to replace the retiring founder.  In partnership with Tracy, Calera helped strengthen the broader management team with several key additions.


  • Source: Juno was a public company under pressure from a dissident shareholder to strengthen its corporate governance and make more effective use of its cash balance.  Calera identified Juno as part of a proactive sourcing initiative in the building products sector.
  • Initial Observations: Juno had a leading market share, strong historical revenue growth, high EBITDA margins, outstanding returns on capital and strong cash flow.  Calera believed that Juno had opportunities to continue to further strengthen its business by entering new distribution channels, taking advantage of offshore sourcing, improving working capital management, adopting additional best practices, and accelerating new product development.
  • Calera as Preferred Partner: Calera built a relationship with management and worked in partnership with the team to lead a recapitalization of the Company to take it private.


  • These initiatives allowed Juno to increase EBITDA by over 40%
  • This performance, combined with significant cash generation, allowed Calera to complete a recapitalization of Juno in 2004 and subsequently complete a sale of the business to Schneider Electric in June 2005