Livonia-based Masco sells off lighting company for more than $100 million
Posted By: Hometown Life on September 5, 2024. For more information, please click here to read the source article.
A Livonia-based home improvement and building products company is selling a lighting firm to a Los Angeles management group for $125 million.
Masco Corporation announced in a press release on Sept. 3 that it had signed an agreement to sell Kichler Lighting, based in Solon, Ohio, to an affiliate of Kingswood Capital Management.
Kichler Lighting is a provider of decorative residential and light commercial lighting products, ceiling fans and LED lighting systems for both consumer and professional channels.
Kingswood Capital Management, a private investment firm based in Los Angeles, is the owner of Progress Lighting, also 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. 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,” said Keith Allman, president and CEO, Masco Corporation. “We are confident this transaction will be mutually beneficial to Kichler Lighting and Kingswood Capital Management, while simultaneously driving greater value for Masco shareholders.”
The transaction is expected to be completed prior to the end of the year.
Masco Corporation’s portfolio includes Behr paint; Delta and Hansgrohe faucets, bath and shower fixtures; Liberty-branded decorative and functional hardware; and HotSpring spas.
Masco, founded by Alex Manoogian in 1929, now employs more than 19,000 people and has 38 manufacturing facilities around the world. The company moved its headquarters to Livonia in 2017.
« Back to Insights