Acuity Brands, Inc. (NYSE:AYI) will look for mergers and acquisitions. During the company's fiscal 2023 first quarter earnings call, Neil Ashe, Chairman, President and Chief Executive Officer said, "Our capital allocation priorities remain the same. Our priorities are to invest for growth in our current businesses, invest in acquisitions, maintain our dividend and allocate capital for share repurchases when we perceive there is an opportunity to create permanent value for shareholders".

Neil Ashe added, "we've been consistent since I've been here about our priorities for capital allocation. We'll invest in our current businesses, we'll invest in M&A, we'll maintain our dividend, and we'll use capital for share repurchases when we feel like there's an opportunity".