Michigan-based Masco Corp. has just announced that it has signed a definitive agreement to sell its Kichler Lighting business to an affiliate of Kingswood Capital Management for a purchase price of approximately $125 million, subject to customary adjustments.
If the deal goes through as planned, Ohio-based Kichler Lighting will join the portfolio of Kingswood Capital Management, a private investment firm based in Los Angeles, which acquired Progress Lighting earlier this year.
“Under Masco’s ownership, Kichler has undergone a series of transformations which have generated efficiencies within its business, improved customer service, and enabled greater product innovation. Going forward, we believe this business has greater potential to realize future growth as part of an organization with a more concerted focus on lighting,” said Keith Allman, President & CEO, Masco. “We are confident this transaction will be mutually beneficial to Kichler Lighting and Kingswood Capital Management, while simultaneously driving greater value for Masco shareholders.”
The transaction is expected to be completed prior to the end of the year, subject to customary closing conditions and regulatory approvals.
Related articles
