Livonia-based Masco Corp. has agreed to sell its Kichler Lighting business to Kingswood Capital Management for $125 million.
Kichler, which is headquartered in Ohio, produces residential and light commercial lighting products as well as ceiling fans, landscape lighting, and LED lighting systems. Founded in 1938, the company sells more than 3,000 products through retail locations and commercial distributors.
Kingswood also owns Progress Lightning, which produces and sells similar lighting products as Kichler. Kingswood is a private investment firm based in California.
“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,” says Keith Allman, president and CEO of Masco Corp.
“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. 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 designs and manufactures a variety of home improvement and building products. The company owns several well-known brands, such as Delta, Behr, and HotSpring spas.
