American Industrial Partners Completes Acquisition of Current, powered by GE
April 02 2019 - 7:55AM
Business Wire
- GE has completed the sale of its
Current business unit to American Industrial Partners
- Current will continue using the GE
brand under a licensing agreement
GE (NYSE: GE) today announced it has completed the sale of its
Current, powered by GE business unit to American Industrial
Partners (AIP), a New York-based private equity firm focused on
buying, improving and growing industrial businesses. Financial
details were not disclosed.
Current’s portfolio spans LED and traditional lighting
solutions, along with a wide variety of intelligent controls,
sensors and software. The business delivers energy savings and
operational productivity for its customers, which include
commercial offices, retail stores, industrial facilities and
cities. Under a long-term licensing agreement, Current will
continue using the GE brand on its products and services moving
forward.
“Three and a half years ago, we formed Current as a new kind of
startup within the walls of GE, and today we are thrilled to
celebrate the successful conclusion of that journey as we prepare
to embrace our next,” said Maryrose Sylvester, President & CEO
of Current. “American Industrial Partners is an excellent fit for
our people and technology. Current has an important role to play in
this emerging industry, and we look forward to working with our
customers to continue building the future of digital lighting
innovation.”
The consumer lighting business of GE Lighting is not included as
part of the transaction.
About Current, powered by GECurrent is the digital engine
for intelligent environments. The company 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 PartnersAmerican 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 95 transactions and currently has
approximately $7 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/20190402005341/en/
Nikolas NoelCurrent, powered by GE+ 1 502 544
5929Nikolas.noel@ge.com
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