SHELTON, CT - Hubbell Incorporated (NYSE: HUBB), a prominent provider of electrical and utility solutions, has finalized the divestiture of its Residential Lighting division to private equity firm Kingswood Capital Management, LP. The announcement came Friday, signaling the completion of a transaction that transfers ownership of Hubbell's business unit specializing in indoor and outdoor lighting products for the residential sector.
The move is part of Hubbell's strategic realignment of its portfolio. The terms of the deal, including the financial details, have not been disclosed. The sale encompasses all assets related to the residential lighting business, which has been catering to the home market with a variety of lighting fixtures and solutions.
This divestiture allows Hubbell to streamline its operations and potentially focus more intently on its core businesses. Kingswood Capital Management, a private equity firm with a history of investing in middle-market companies, is set to take over the residential lighting operations.
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