Legacy Progress & Kichler Executives Appointed to Top Posts of Combined Company
Now that the ink has dried on arguably the largest decorative residential lighting merger in recent history, Kingswood Capital Management, LP has announced the management team for the combined company. Sean Veit, former Progress Lighting CEO, will serve as CEO and Vijay Shankar, former Kichler President, who will serve as Executive Chairman. Both Veit and Shankar will serve on the company’s Board of Directors.
According to Kingswood Capital, Kichler will merge with its portfolio company, Progress Lighting, 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.
“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,” Veit says. “With this merger, we look forward to preserving and enhancing the distinct positioning that the Progress and Kichler brands hold in the market.”
Shankar adds, “We are very excited about bringing these great brands and organizations together. The combined talent and resources will position us to better serve our customers. Our leadership team looks forward to working thoughtfully through the integration to ensure that our customers are the greatest beneficiaries of this combination.”
“We look forward to supporting Sean, Vijay, and the rest of the team as they work to build a leading platform in the residential lighting industry,” said Michael Niegsch, Partner at Kingswood. “The combination of the Progress and Kichler brands provides the business with unique, complementary strengths across all channels and end markets.”
Configure Partners served as financial advisors, and McDermott Will & Emery served as legal counsel to Kingswood. Lincoln International, Davis Polk & Wardwell, and Baker Botts advised Masco.
