Divestiture • Electronics

Kingswood Capital Management Acquires Progress Lighting

On February 12, 2024, private equity firm Kingswood Capital Management acquired electronics company Progress Lighting from Hubbell

Acquisition Context
  • This is Kingswood Capital Management’s 1st transaction in the Electronics sector.
  • This is Kingswood Capital Management’s 12th transaction in the United States.
  • This is Kingswood Capital Management’s 1st transaction in South Carolina.

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M&A Deal Summary

Date February 12, 2024
Target Progress Lighting
Sector Electronics
Buyer(s) Kingswood Capital Management
Sellers(s) Hubbell
Deal Type Divestiture

Target Company

Progress Lighting

Greenville, South Carolina, United States
Progress Lighting provides a source for residential and light commercial decorative lighting solutions with thousands of fixture designs to meet the needs of any project. The Company offers 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. Progress Lighting is based in Greenville, South Carolina.
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Buyer Overview 1

DESCRIPTION

Kingswood Capital Management is an operationally focused private equity firm focused on complex situations throughout North America. The Firm targets control positions in middle-market companies with revenues of $100 to $500 million. Sectors of interest include business services, consumer, retail, energy, industrials, technology, media, communications, and value-added distribution. Kingswood Capital Management was established in 2013 and is based in Los Angeles, California.


Deal Context for Buyer #
Overall 14 of 24
Sector: Electronics 1 of 1
Type: Divestiture 4 of 11
State: South Carolina 1 of 1
Country: United States 12 of 21
Year: 2024 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-16 G Fuel

Hauppauge, New York, United States

G Fuel provides clients with performance-driven alternatives to standard energy drink products. The company's products include Energy Formula, ready-to-drink cans, and powdered Hydration Formula. G Fuel is based in Hauppauge, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-02 Corbion - Emulsifier Business

Amsterdam, Netherlands

Corbion’s Emulsifier Business offers a diverse emulsifier portfolio utilizing a range of fat and oil sources to help the company customize functionality in the end application.

Buy $362M

Seller Profile 1

SELLER

Hubbell

Shelton, Connecticut, United States

Category Company
Founded 1888
Sector Electronics
Employees17,700
Revenue 5.6B USD (2024)
DESCRIPTION

Hubbell is a manufacturer of electrical and electronic products for a broad range of non-residential and residential construction, industrial and utility applications. Hubbell was founded in 1888 and is based in Shelton, Connecticut.


Deal Context for Seller #
Overall 3 of 3
Sector: Electronics 2 of 2
Type: Divestiture 3 of 3
State: South Carolina 3 of 3
Country: United States 3 of 3
Year: 2024 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-30 Systems Control

Iron Mountain, Michigan, United States

Systems Control provides engineering and manufacturing of equipment enclosures and control and relay panels used in electrical transmission and distribution substations across North America. Systems Control was founded in 1962 and is based in Iron Mountain, Michigan.

Buy $1.1B