LOS
ANGELES, Feb. 12, 2024 /PRNewswire/ -- Kingswood
Capital Management, LP (together with its affiliates, "Kingswood")
announced today that it has acquired Progress Lighting, LLC
("Progress Lighting" or the "Company") from Hubbell Incorporated
(NYSE: HUBB). Progress Lighting is a leading source for residential
and light commercial decorative lighting solutions. As part of the
transaction, Kingswood has partnered with the Company's existing
management team.
Sean Veit, who will continue to
lead the Company and has assumed the title of Chief Executive
Officer, commented, "We look forward to the partnership with
Kingswood and the support they will provide as we transition to a
standalone business. Going forward as an independent company, we
will be even more focused and nimble in reacting to the product and
service needs of our customers and the design trends in the
marketplace. I am excited for all our employees as we embark on
this next phase as a company."
Headquartered in Greenville,
SC, Progress Lighting has distribution centers located
throughout the country that support one of the largest networks of
homebuilders, lighting showrooms, electrical contractors, home
centers, and ecommerce retailers in the
United States and Canada.
The Company is committed to manufacturing design forward energy
efficient products while educating individuals on new trends and
options available in lighting.
"Progress Lighting's century-long brand reputation, diverse
catalog across a range of styles, product types, and price points,
and world-class, hands-on customer service and product availability
position it well for continued growth in the highly fragmented
residential lighting sector," said Michael
Niegsch, Partner of Kingswood. "We look forward to investing
in the business and working closely with Sean Veit and the rest of the Progress Lighting
team to better serve its customers in both the residential new
construction and renovation & remodel end markets."
About Progress Lighting, LLC
Progress Lighting is a leading source for residential and light
commercial decorative lighting solutions with thousands of fixture
designs to meet the needs of any project. With over a century of
lighting technology, leadership and engineering, Progress Lighting
offers the highest quality lighting products and solutions that
deliver aesthetic appeal, stellar performance, easy installation,
and value to the residential new construction and renovation &
remodel end markets. For more information, please refer to the
Progress Lighting website at www.progresslighting.com.
About Kingswood Capital Management, LP
Kingswood Capital Management, LP is a private investment firm
primarily focused on investing in businesses in transition. In
addition to access to capital, Kingswood brings relevant industry
relationships and a broad network of internal and external
operating resources that can strengthen the businesses it partners
with and enhance value. Kingswood has extensive experience with
complex transactions where it provides tailored solutions that
balance the objectives of all constituents. For more information,
please refer to the Kingswood website at
www.kingswood-capital.com.
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SOURCE Kingswood Capital Management, LP