Kingswood Capital Management acquires Kichler Lighting
Kingswood Capital Management, LP has acquired Kichler Lighting, LLC from Masco Corporation.
Kingswood will merge Kichler with its portfolio company, Progress Lighting, LLC to create one of North America’s largest residential lighting platforms. According to Kingswood, the combined company will benefit from expanded distribution and service capabilities and a product catalog that can serve customers across the homebuilder, trade, showroom, retail, and ecommerce sales channels. The company’s go-to-market strategy will feature both the Progress and Kichler brands, which were founded in 1906 and 1938 respectively.
The go-forward management team is made up of legacy Progress and Kichler executives. Sean Veit, former Progress CEO, will serve as CEO of the combined company, and Vijay Shankar, former Kichler president, will serve as executive chairman. Veit and Shankar will serve on the company’s board of directors.
“This merger marks an exciting milestone for our customers, employees and other key stakeholders. We are thrilled to be able to support our customers with an expanded portfolio of high-quality lighting solutions and enhanced service capabilities,” said Veit. “With this merger, we look forward to preserving and enhancing the distinct positioning that the Progress and Kichler brands hold in the market.”
Shankar added: “We are very excited about bringing these great brands and organizations together. The combined talent and resources will position us to better serve our customers. Our leadership team looks forward to working thoughtfully through the integration to ensure that our customers are the greatest beneficiaries of this combination.”
"We look forward to supporting Sean, Vijay, and the rest of the team as they work to build a leading platform in the residential lighting industry,” said Michael Niegsch, partner at Kingswood. “The combination of the Progress and Kichler brands provides the business with unique, complementary strengths across all channels and end markets.”
Configure Partners served as financial advisors, and McDermott Will & Emery served as legal counsel to Kingswood. Lincoln International, Davis Polk & Wardwell, and Baker Botts advised Masco Corporation.
