American Industrial Partners to Acquire Current, powered by GE
November 06 2018 - 7:00AM
Business Wire
- American Industrial Partners to provide
technology investment and operational expertise to accelerate
Current’s growth
- Current would continue using the GE
brand under a licensing agreement
GE (NYSE: GE) today announced it has signed a proposed agreement
to sell its Current, powered by GE business to American Industrial
Partners (AIP), a New York-based private equity firm that focuses
on buying, improving and growing industrial businesses. The
proposed transaction is expected to close in early 2019, subject to
customary closing conditions, regulatory approvals and consultation
processes where required under local law. Financial details were
not disclosed.
Current is a leading provider of energy efficiency and digital
productivity solutions for commercial offices, retail stores,
industrial facilities and cities. Its commercial technology
portfolio includes LED and traditional lighting solutions, plus a
wide variety of connected sensors, controls and software. As part
of the proposed sale, Current would maintain use of the GE brand
under a licensing agreement.
“American Industrial Partners would be a great home for Current
moving forward. The firm’s deep expertise in operations and
engineering, combined with its highly successful track record of
industrial business investments, would help us accelerate Current’s
growth,” said Maryrose Sylvester, President & CEO of Current.
“We look forward to partnering with the AIP team to further
establish Current as a leader in the rapidly growing IoT lighting
space.”
With more than 90 transactions completed and $4.2 billion of
assets under management, American Industrial Partners has deep
roots in the industrial economy and has been active in private
equity investing for nearly 30 years. The firm is
operationally-oriented and focused on middle-market opportunities
for industrial businesses serving both domestic and global
markets.
“GE’s history of innovation, quality, reliability and deep
domain expertise is an ideal fit with our investment strategy,”
said Eric Baroyan, a Partner of AIP. “We look forward to continuing
that legacy by supporting Current’s management team on the key
growth initiatives, building upon Current’s extensive product
portfolio and leading digital solutions that are helping customers
gain energy savings and greater insights into their environment
through a sophisticated intelligent ecosystem platform. We are
thrilled to partner with Maryrose Sylvester and the leadership team
to invest in Current’s industry renowned engineering,
manufacturing, digital and supply chain capabilities to capture the
significant opportunity of energy efficiency and digitalization
ahead of us.”
UBS Investment Bank acted as lead financial advisor, and Sidley
Austin LLP acted as lead legal advisor to GE. Greentech Capital
Advisors and Wells Fargo Securities, LLC also advised GE. Barclays
plc acted as financial advisor to AIP. Ropes & Gray LLP and
McGuireWoods LLP acted as legal advisors to AIP.
The North American consumer lighting business of GE Lighting is
not included as part of the proposed transaction. GE remains
actively engaged in the process to sell this business.
About Current, powered by GE
Current is the digital engine for intelligent environments. A
first-of-its-kind startup within the walls of GE (NYSE: GE),
Current blends advanced LED technology with networked sensors and
software to make commercial buildings, retail stores, industrial
facilities and cities more energy efficient & productive.
Backed by a broad ecosystem of technology partners, Current is
helping businesses and cities unlock hidden value and realize the
potential of their environments. www.currentbyge.com
About American Industrial Partners
American Industrial Partners is an operationally oriented
private equity firm that makes control investments in industrial
businesses serving domestic and global markets. The firm has deep
roots in the industrial economy and has been active in private
equity investing since 1989. To date, AIP has completed over 90
transactions and currently has $4.2 billion of assets under
management on behalf of leading pension, endowment and financial
institutions. For more information on AIP, visit
www.americanindustrial.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20181106005464/en/
Current, powered by GENikolas Noel, + 1 502 544
5929Nikolas.noel@ge.com
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