Eating room lighting courtesy of Kichler.
LOS ANGELES – Kingswood Capital Administration has acquired Kichler Lighting for an undisclosed sum. The corporate mentioned it should merge Kichler with its present portfolio firm, Progress Lighting.
“This merger marks an thrilling milestone for our clients, staff, and different key stakeholders,” mentioned Sean Veit, former Progress Lighting CEO who will now function CEO of the mixed firm. “We’re thrilled to have the ability to assist our clients with an expanded portfolio of high-quality lighting options and enhanced service capabilities. With this merger, we look ahead to preserving and enhancing the distinct positioning that the Progress and Kichler manufacturers maintain available in the market.”
Vijay Shankar, the previous Kichler president, will function the corporate’s govt ehairman and each males will serve on the corporate’s board of administrators.
In keeping with Viet, the mixed firm will profit from expanded distribution and repair capabilities and a strong product catalog that will likely be effectively positioned to serve clients throughout the homebuilder, commerce, showroom, retail, and e-commerce gross sales channels.
The corporate’s go-to-market technique will characteristic each the Progress and Kichler manufacturers, which had been based in 1906 and 1938 respectively.
“We’re very enthusiastic about bringing these nice manufacturers and organizations collectively. The mixed expertise and sources will place us to raised serve our clients,” mentioned Shankar. “Our management workforce seems ahead to working thoughtfully by way of the mixing to make sure that our clients are the best beneficiaries of this mixture.”
Configure Companions served as monetary advisors, and McDermott Will & Emery served as authorized counsel to Kingswood. Lincoln Worldwide, Davis Polk & Wardwell, and Baker Botts suggested Masco Company.
Kingswood Capital Administration bought Progress Lighting from Hubbell Incorporated in Dec. 2023.
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