Hubbell Incorporated, owner of Progress Lighting, has announced the execution of a definitive agreement to sell its Residential Lighting business to Kingswood Capital Management, LP, for a cash purchase price of $131 million, subject to customary adjustments. The business sells indoor and outdoor lighting solutions and is expected to generate approximately $190 million in sales in 2023.
“This transaction reflects our ongoing strategy to create a focused portfolio with attractive growth and margin characteristics,” said Gerben Bakker, Chairman, President and Chief Executive Officer. “Hubbell’s portfolio is strategically aligned around grid modernization and electrification megatrends, and our leading positions across the energy infrastructure will enable us to continue effectively serving utility and electrical customers in front of and behind the meter. I would like to thank our Residential Lighting colleagues for their many contributions to Hubbell.”
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first quarter of 2024.