Acuity Brands, Inc. (NYSE:AYI) is looking for M&A. Neil Ashe, Chairman, President and Chief Executive Officer said during the Fiscal 2024 Third Quarter Earnings Call, "On the M&A side, we recognize also that we can expand the portfolio and expand the company in the process. And so we have a robust pipeline of small and medium-sized acquisitions that fit very well with our strategy going forward. And our priority there is around the Spaces business, where you've seen us do things like KE2 Therm.

There are more like that. There are opportunities for us to increase our addressable market and the things that we can control and the manner in which we can control them. And so we're working on that.

We also have a developing strong pipeline in the lighting business as well where we may have the opportunity to put capital to work in attractive ways. But again, we're disciplined. We -- what we look for: one, needs to align with our strategy; two, we need to understand how we can integrate and operate that; three, we need to understand its impact on our business, our company and our financial performance; and then fourth, we have to have the opportunity to acquire it at the appropriate valuation.

So these things take time -- that I'd like to say opportunity knocks, it doesn't come when it's called. So we will continue to prosecute those opportunities. But we feel really good about the pipeline and where we could potentially be over the next couple of years".