Livonia-based home improvement monster strikes a big deal
Based right here in Livonia, the home improvement giant Masco Corporation just inked a pretty sweet deal. They’re selling an Ohio-based light company for a cool $125 million. The deal went down on September 3rd, with all the dotted lines signed and everything.
The company they’re selling is called Kichler Lighting, which makes all sorts of lights – decorative ones for homes and businesses, ceiling fans, and even snazzy LED lighting systems for professional and consumer use. Pretty bright stuff, huh?
The lucky buyer on the other end of the deal is a company from Los Angeles known as Kingswood Capital Management. They’re no strangers to the lighting game, being the big bosses of Progress Lighting, another company pretty into creating sparkly solutions for homes and businesses.
And it seems like everyone’s over the moon about it. Keith Allman, the big guy at Masco, said they’ve helped Kichler to become more efficient, improve their service and create more innovative products. He reckons being part of a company like Kingswood, that’s more focused on all things lighting, will help Kichler grow even more.
For now, it looks like the deal will wrap up before we say hello to a new year. While $125 million might seem like a lot to you and me, it seems like an all-round smart move for everyone involved.
Masco Corporation, originally started by someone named Alex Manoogian back in the day (1929 to be exact), has grown a lot since then. Now they employ a whopping 19,000 people and have 38 factories all over the world. Aside from Kichler, they’ve got their hands in a bunch of things – from paint and faucets to decorative hardware and even spas.
Just goes to show, you can do it big right here in Livonia!
