In an unexpected turn of events, Masco Corp., the renowned home improvement and building products manufacturing firm located in Livonia, has made headlines with an announcement of selling its Kichler Lighting business. The price suits a hefty tag of $125 million, and the remarkable acquisition is being carried out by Kingswood Capital Management.
An Ohio-based entity, Kichler Lighting holds a considerable reputation in the lighting industry, offering residential and light commercial lighting products, ceiling fans, landscape lighting, and LED lighting systems. Since its establishment in 1938, Kichler has made a significant headway in cultivating a wide range of products exceeding the 3,000 mark. Available via retail outlets and commercial distributors, Kichler’s wide assortment of products makes it a household name.
California-based private investment firm Kingswood Capital Management is noted for owning Progress Lighting, a firm that provides similar light fittings to Kichler’s offerings, thus contributing to the synergy between the two companies.
Keith Allman, Masco Corp’s president and CEO, spoke favorably of the transaction. “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,” he said. The CEO further noted that the business had “greater potential to realize future growth as part of an organization with a more concerted focus on lighting.”
Drawing upon the benefits of this deal, Keith stressed that this business move would not only be advantageous to both Kichler Lighting and Kingswood Capital Management but also to Masco’s shareholders by driving superior value.
Masco Corp. has long been revered for designing and manufacturing an unrivaled variety of home improvement and building products across various brands, including the famously known Delta, Behr, and HotSpring spas.
As the finalizing and execution of the deal is underway, the industry awaits eagerly to witness the eventual outcome and the future direction. It is expected that this business acquisition will revolutionize the current functioning and growth of the organization.
