Masco Corp. has agreed to sell its Solon-based Kichler Lighting business to an affiliate of Kingswood Capital Management for $125 million, subject to adjustments.
Kichler Lighting provides decorative residential and light commercial lighting products, ceiling fans and LED lighting systems across consumer and professional distribution channels. Kingswood Capital Management, a private investment firm based in Los Angeles, is owner of Progress Lighting.
“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," Masco CEO Keith Allman said in a statement. "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."
The transaction is expected to be completed prior to the end of the year, subject to customary
closing conditions and regulatory approvals.
