Masco sells Kichler Lighting
Masco Corporation has signed an agreement to sell its Kichler Lighting business to an affiliate of Kingswood Capital Management for a purchase price of approximately $125 million, per a press release. The company also shared the news on LinkedIn.
Headquartered in Solon, Ohio, Kichler Lighting is a provider of decorative residential and light commercial lighting products, ceiling fans and LED lighting systems across both consumer and professional distribution channels. Kingswood Capital Management, a private investment firm based in Los Angeles, is the owner of Progress Lighting, also a provider of residential and light commercial decorative lighting solutions.
“Under Masco’s ownership, Kichler has undergone a series of transformations that 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 and CEO of 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 2024 but is subject to customary closing conditions and regulatory approvals.
