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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."
Posted In: HUBB
