Masco Corporation signed an agreement to sell its Kichler Lighting business to an affiliate of Kingswood Capital Management for a purchase price of approximately $125 million.
Solon, Ohio-based Kichler Lighting provides decorative residential and light commercial lighting products, ceiling fans, and LED lighting systems. Kingswood Capital Management, a private investment firm based in Los Angeles, is the owner of Progress Lighting, a provider of residential and light commercial decorative lighting solutions.
“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,” Keith Allman, president and CEO of Masco Corporation, said in a prepared statement. “Going forward, we believe this business has great potential to realize future growth as part of an organization with a more concerted focus on lighting. We are confident this transaction will be mutually beneficial to Kichler Lighting and Kingswood Capital Management, while simultaneously driving greater value for Masco shareholders.”
Masco, headquartered in Livonia, Mich., has a portfolio of brands including Behr paint, Delta and Hansgrohe faucets, bath, and shower fixtures, Liberty branded decorative and functional hardware, and HotSpring spas.
