Shelton-based Hubbell Inc. (NYSE: HUBB), a manufacturer of utility and electrical solutions, is selling its residential lighting business to Kingswood Capital Management LP, a Los Angeles-based private investment firm, for a cash purchase price of $131 million.
The business sells indoor and outdoor lighting solutions and is expected to generate approximately $190 million in sales in 2023. The transaction is expected to close in the first quarter of 2024.
“This transaction reflects our ongoing strategy to create a focused portfolio with attractive growth and margin characteristics,” said Gerben Bakker, chairman, president and CEO. “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.”
Photo by Sureskrishnas / Wikimedia Commons
