Kingswood Capital Management to Acquire Progress Lighting
Los Angeles-based private equity firm Kingswood Capital Management, LP has entered into a definitive agreement to acquire Progress Lighting from Hubbell® Inc. for a cash purchase of $131 million, subject to customary adjustments, according to a press release issued by Hubbell.
Last year, Hubbell made news when its Commercial and Industrial lighting business was acquired by GE Current, a Daintree company. Progress Lighting was not part of that acquisition.
Among the companies in Kingswood Capital Management’s portfolio is World Market, a national specialty retailer of home furniture, décor, curtains, rugs, gifts, apparel, coffee, wine, craft beer, and food products. Kingswood Capital Management’s diverse portfolio also includes Lind Marine, which provides dredging, barge and tug services; G Fuel, an energy drink brand; Turbo Wholesale Tires, a designer, supplier, and wholesaler of proprietary and third-party branded tires; and Obsession Holdings, Inc., one of the largest fragrance retailers in the U.S.; among others.
“This transaction reflects our ongoing strategy to create a focused portfolio with attractive growth and margin characteristics,” said Gerben Bakker, Chairman, President & CEO at Hubbell. “Hubbell’s portfolio is strategically aligned around grid modernization and electrification megatrends, and our leading positions across the energy infrastructure will enable us to continue effectively serving utility and electrical customers in front of and behind the meter. I would like to thank our Residential Lighting colleagues for their many contributions to Hubbell.”
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first quarter of 2024.
Progress Lighting customers and sales representatives will reportedly not notice any disruptions during the transition process. Progress Lighting’s showroom will be open and unveiling new products during next month’s Lightovation show and will be exhibiting at the International Builders’ Show like usual.
Related Articles
uslightingtrends.com/news/ge-current-completes-hubbell-acquisition-under-current-brand/
