Hubbell to sell Progress Lighting | Home Accents Today

SHELTON, Conn. — Hubbell Incorporated, the electrical merchandise producer that owns Progress Lighting, introduced immediately that it has made a definitive settlement to promote its residential lighting enterprise to the non-public fairness agency Kingswood Capital Administration for $131 million in money.

The transaction is topic to customary closing situations, together with regulatory approvals, and is anticipated to shut within the first quarter of 2024.

The residential lighting enterprise sells indoor and outside lighting options and is anticipated to generate roughly $190 million in gross sales in 2023.

“We stay up for partnering with Kingswood to construct upon Progress Lighting’s 117-year historical past of delivering distinctive ornamental lighting options to the market,” mentioned Sean Veit, vp and normal supervisor of Progress Lighting on the corporate’s LinkedIn page. “We see substantial alternative with Kingswood’s help to additional improve our buyer expertise whereas persevering with to ship on-trend merchandise and extraordinary service.”

“This transaction displays our ongoing technique to create a centered portfolio with enticing progress and margin traits,” mentioned Gerben Bakker, Hubbell Chairman, President and CEO. “Hubbell’s portfolio is strategically aligned round grid modernization and electrification megatrends, and our main positions throughout the vitality infrastructure will allow us to proceed successfully serving utility and electrical prospects in entrance of and behind the meter. I wish to thank our Residential Lighting colleagues for his or her many contributions to Hubbell.”

Kingswood Capital Administration couldn’t be instantly reached for remark.