M&A Deal Summary

American Industrial Partners Acquires GE Current

On November 6, 2018, private equity firm American Industrial Partners acquired electrical equipment company GE Current from General Electric

Acquisition Highlights
  • This is American Industrial Partners’ 1st transaction in the Electrical Equipment sector.
  • This is American Industrial Partners’ 32nd transaction in the United States.
  • This is American Industrial Partners’ 3rd transaction in Ohio.

M&A Deal Summary

Date 2018-11-06
Target GE Current
Sector Electrical Equipment
Buyer(s) American Industrial Partners
Sellers(s) General Electric
Deal Type Divestiture

Target

GE Current

Cleveland, Ohio, United States
GE Current is a design, source, and assemble, lamp and lighting fixture business focused on retrofit applications that pull through complementary controls and software. The company is comprised of two main segments. The Professional segment manufactures LED retrofit kits, LED and conventional lamps, and LED fixtures for commercial, industrial, outdoor and roadway applications. The Intelligent Buildings Segment integrates sensors and controls to enable an open, cloud-based platform of apps for customer productivity and energy management in buildings. Current also develops patent-protected proprietary phosphors with premium color quality and differentiated performance that are used in LED chips, screens, and fluorescent lamps. GE Current is based in Cleveland, Ohio.

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Buyer(S) 1

Buyer

American Industrial Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 10.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

American Industrial Partners is a private equity firm focused on investments in North American manufacturing or industrial service companies. For platform acquisitions, the Firm seeks businesses with at least $500 million of revenue and the Firm will consider transactions valued up to $2 billion. Operating characteristics of prospective businesses include historical record of strong free cash flows, opportunities to drive value through operating enhancements, and sustainable competitive advantages. American Industrial Partners will consider a variety of transaction types including leveraged buyouts, structured equity investments, bridge financings, senior debt, carve-outs, take privates, turnarounds, and rescue financings. American Industrial Partners was formed in 1989 and is based in New York City.


DEAL STATS #
Overall 37 of 55
Sector: Electrical Equipment M&A 1 of 1
Type: Divestiture M&A Deals 11 of 21
State: Ohio M&A 3 of 5
Country: United States M&A 32 of 47
Year: 2018 M&A 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-05 CR

Murarrie, Australia

CR is a global provider of innovative productivity technology solutions to the world’s leading mining operations, including productivity-enhancing digital technology, surface mining technology, and wear protection and processing. CR was founded in 1979 and is based in Murarrie, Australia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-15 AHF Products

Mountville, Pennsylvania, United States

AHF Products manufactures solid and engineered hardwood flooring products that are sold through full-line flooring distributors, big-box home centers, national flooring retailers, and hardwood specialty distributors under the well-known brand names of Armstrong, Bruce, Capella, Homerwood, Robbins, and T. Morton. AHF Products was founded in 2019 and is based in Mountville, Pennsylvania.

Buy $100M

Seller(S) 1

SELLER

General Electric

Boston, Massachusetts, United States

Category Company
Founded 1892
Sector Diversified
Employees205,000
Revenue 38.7B USD (2024)
DESCRIPTION
General Electric office in Dubai, United Arab Emirates.
General Electric office in Dubai, United Arab Emirates.

General Electric is a diversified technology and financial services company. Products and services range from aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing and industrial products. General Electric was founded in 1892 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 39 of 46
Sector: Electrical Equipment M&A 4 of 5
Type: Divestiture M&A Deals 32 of 38
State: Ohio M&A 2 of 3
Country: United States M&A 30 of 35
Year: 2018 M&A 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-05 General Electric Co. - Gasification Business & Technology

Fairfield, Connecticut, United States

General Electric Co. - Gasification Business & Technology owns and operates gasification projects around the world.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-13 ServiceMax

Pleasanton, California, United States

ServiceMax is a provider of field services management software solutions for technicians and offers complete end-to-end mobile and cloud-based technology for the sector. ServiceMax was founded in 1999 and is based in Pleasanton, California.

Sell -