Tuesday, September 3, 2024

Designwal News Staff

September 3, 2024 - In a major industry shake-up, Michigan-based Masco Corporation has officially entered into a definitive agreement to sell its Kichler Lighting business to an affiliate of Kingswood Capital Management. The deal, valued at approximately $125 million, will place Ohio-based Kichler Lighting under the ownership of the Los Angeles-based private investment firm that recently acquired Progress Lighting earlier this year.This strategic move signals a significant consolidation in the lighting sector, as Kingswood Capital Management continues to expand its influence by bringing together two of the most respected names in the industry. Kichler Lighting, known for its wide range of decorative and functional lighting products, will now join forces with Progress Lighting, a leader in residential and commercial lighting solutions.Keith Allman, President & CEO of Masco, expressed optimism about the future of Kichler Lighting under new ownership. "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," Allman stated. "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."This transaction, which is expected to close by the end of the year, subject to customary closing conditions and regulatory approvals, represents more than just a shift in ownership. It underscores a growing trend in the industry where specialized investment firms are taking the helm of traditional manufacturing companies, focusing on niche markets to drive growth and innovation.For the interior design community, this acquisition could mean exciting new developments in product offerings and service enhancements. As Kichler Lighting transitions under the umbrella of Kingswood Capital Management, designers and retailers may anticipate a fresh wave of innovation and a renewed commitment to quality and customer service.At Designwal, we’re closely watching how this deal will unfold and what it will mean for the broader design community. With Kingswood’s deepening portfolio in the lighting industry, the merger of Kichler and Progress Lighting could lead to new opportunities for collaboration, product development, and market expansion.Stay tuned to Designwal News for the latest updates on this transaction and what it could mean for your business and the design industry at large.

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