Kingswood Capital Management Acquires Progress Lighting From Hubbell; No Financial Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
Kingswood Capital Management has acquired Progress Lighting from Hubbell Incorporated (NYSE:HUBB). Progress Lighting, a leader in residential and light commercial decorative lighting, will now operate as an independent company under the leadership of CEO Sean Veit. The company is well-positioned for growth in the residential lighting sector, with a strong brand reputation and a diverse product catalog. Kingswood plans to invest in the business to better serve its customers in the new construction and renovation & remodel markets.
February 12, 2024 | 2:04 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
Hubbell Incorporated has sold its subsidiary, Progress Lighting, to Kingswood Capital Management. This move could streamline Hubbell's operations and focus on its core businesses.
The sale of Progress Lighting to Kingswood Capital Management could allow Hubbell to streamline its operations and concentrate on its core businesses. However, without financial terms disclosed, it's challenging to assess the immediate financial impact on Hubbell's stock. The strategic realignment could be positive in the long term, but the short-term impact is likely neutral until more details emerge.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 80