Patriot Capital is pleased to announce a new subordinated debt and equity co-investment alongside Kinzie Capital and the existing management team of Chelsea Lighting. Patriot’s investment supported Kinzie’s acquisition of Chelsea Lighting.
Founded in 1994 and headquartered in New York, NY, Chelsea is the largest independent lighting and lighting controls distributor serving the New York City market, where it supplies the real estate, design, and construction industries. With the acquisition by Kinzie, Chelsea is poised to expand its best-in-class service to customers across the country while expanding its role as a leader at the intersection of lighting and technology, through its Power over Ethernet (PoE) and Controls divisions, where it has led high profile projects throughout the nation.
The transaction was completed in partnership with the Company’s management, including Thomas Ike, Brian Horigan, and Eric Martin, who will maintain significant ownership interest in Chelsea and will continue to hold key management roles at the Company, with Mr. Ike serving as CEO, Mr. Horigan as COO, and Mr. Martin as the General Counsel and CAO.