PRESS RELEASE FROM BUSINESS WIRE
September 19, 2024 09:00 AM Eastern Daylight Time
LOS ANGELES--(
BUSINESS WIRE)--Kingswood Capital Management, LP (together with its affiliates, “Kingswood”) announced today that it has acquired Kichler Lighting, LLC (“Kichler”) from Masco Corporation (NYSE: MAS). Kingswood will merge Kichler with its portfolio company, Progress Lighting, LLC (“Progress”) to create one of North America’s leading residential lighting platforms featuring complementary, industry-recognized brands. The combined company will benefit from expanded distribution and service capabilities and a robust product catalog that is well positioned to serve customers across the homebuilder, trade, showroom, retail, and ecommerce sales channels. The company’s go-to-market strategy will feature both the Progress and Kichler brands, which were founded in 1906 and 1938 respectively.
The go-forward management team is made up of legacy Progress and Kichler executives. Sean Veit, former Progress Chief Executive Officer, will serve as Chief Executive Officer of the combined company, and Vijay Shankar, former Kichler President, will serve as Executive Chairman. Both Sean and Vijay will serve on the company’s Board of Directors.
“This merger marks an exciting milestone for our customers, employees, and other key stakeholders. We are thrilled to be able to support our customers with an expanded portfolio of high-quality lighting solutions and enhanced service capabilities,” said Sean. “With this merger, we look forward to preserving and enhancing the distinct positioning that the Progress and Kichler brands hold in the market.”
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