- 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
Company Website:
http://www.ge.com
BOSTON -- (Business Wire)
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181106005464/en/
Contacts:
Current, powered by GE
Nikolas Noel, + 1 502 544 5929
Nikolas.noel@ge.com
Source: GE
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