Masco Corporation to Sell Kichler Lighting

Masco Corporation announced that it has signed a definitive agreement to sell its Kichler Lighting business to an affiliate of Kingswood Capital Management for approximately $125 million, subject to customary adjustments.

Headquartered in Solon, Ohio, Kichler Lighting is a provider of decorative residential and light commercial lighting products, ceiling fans and LED lighting systems through both consumer and professional distribution channels.

Kingswood Capital Management, a private investment firm headquartered in Los Angeles, California, is the owner of Progress Lighting, also a provider of residential and light commercial decorative lighting solutions.

"Under Masco's leadership, Kichler has undergone a series of transformations that have resulted in increased business efficiency, improved customer service and greater product innovation. Looking ahead, we believe this business has greater potential for future growth as part of a more focused lighting organization," said Keith Allman, President and CEO of Masco Corporation. "We believe this transaction will be mutually beneficial to Kichler Lighting and Kingswood Capital Management, while delivering enhanced value to Masco shareholders."

The transaction is expected to close by the end of the year, subject to customary closing conditions and regulatory approvals.