Kingswood Capital Management, L.P completed the acquisition of Progress Lighting, Inc. from Hubbell Incorporated.
February 08, 2024
Share
Kingswood Capital Management, L.P entered into a definitive agreement to acquire Progress Lighting, Inc. from Hubbell Incorporated (NYSE:HUBB) for approximately $131 million on December 21, 2023. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first quarter of 2024.
Kingswood Capital Management, L.P completed the acquisition of Progress Lighting, Inc. from Hubbell Incorporated (NYSE:HUBB) on February 9, 2024.
Hubbell Incorporated specializes in the design, manufacture and distribution of equipment used in the transmission of electricity. Net sales break down by family of products as follows:
- equipment for electricity distribution networks (60.7%): switches, surge arresters, insulators, bushings, fastening and insulation systems, sensors, transformers, disconnectors, meters, devices for underground installations, equipment for power lines and poles, etc.;
- equipment for electrical installations (39.3%): switches, recharging stations, relays, fittings, contactors, sockets, resistors, wall plates, boxes, lighting systems, cable management systems, control panels, etc. used in the industrial, residential, IT, hospital, energy, telecommunications and other sectors.
At the end of 2023, Hubbell Incorporated has 52 production sites worldwide.
The United States accounts for 91.6% of net sales.
HUBBELL INCORPORATED 
