M&A Deal Summary

General Electric Acquires Converteam SAS

On September 2, 2011, General Electric acquired electrical equipment company Converteam SAS from Equistone, LBO France and Idinvest Partners for 3.2B USD

Acquisition Highlights
  • This is General Electric’s 2nd transaction in the Electrical Equipment sector.
  • This is General Electric’s 6th largest (disclosed) transaction.
  • This is General Electric’s 1st transaction in France.

M&A Deal Summary
Date 2011-09-02
Target Converteam SAS
Sector Electrical Equipment
Buyer(s) General Electric
Sellers(s) Equistone
LBO France
Idinvest Partners
Deal Type Add-on Acquisition
Deal Value 3.2B USD
Advisor(s) Canaccord Genuity (Financial)

Target

Converteam SAS

Messy, France
Converteam (formerly Alstom Power Conversion) specialises in the supply of systems and equipemnt which convert electrical energy into mechanical energy, such as: drives, controls, motors and generators.

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Buyer(S) 1

Buyer

General Electric

Boston, Massachusetts, United States
Category Company
Founded 1892
Sector Diversified
Employees205,000
Revenue 67.6B USD (2023)
DESCRIPTION

General Electric is a diversified technology and financial services corporation. 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 21 of 41
Sector (Electrical Equipment) 2 of 3
Type (Add-on Acquisition) 17 of 30
Country (France) 1 of 1
Year (2011) 3 of 3
Size (of disclosed) 6 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-13 Lineage Power Holdings

Plano, Texas, United States

Lineage Power manufactures AC-DC and DC-DC power solutions in North America. The company provides power and components for communications, computer, and data networking companies. Its products include power solutions, DC-DC converters, filter modules, front-end AC-DC rectifier solutions, heat sinks, indoor and outdoor power, isolated and non-isolated converters, product range charts, shelf-level power, and telecom power systems.

Buy $520M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-22 Advanced Systek Pvt.

Vadodara, India

Advanced Systek Pvt. Ltd. is a suppliers of terminal automation systems and flow metering solutions. Advanced Systek is a pioneer in providing integrated automation systems for pipeline transfer and storage-distribution of petroleum and petrochemical products as well as supplying solutions for complex liquid and gas metering skid systems.

Buy -

Seller(S) 3

SELLER

Equistone

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 9.6B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Equistone is a private equity firm that invests in small to mid-sized companies valued from €50 to €500 million. Equistone targets companies operating in the fields of services, healthcare, financial services, and consumer/travel. The Firm looks to invest €25 to €200 million in a variety of transactions, including buyouts, growth capital financings, recapitalizations, and take privates. Equistone was formed in 1997 and is based in London, England.

DEAL STATS #
Overall 102 of 194
Sector (Electrical Equipment) 6 of 10
Type (Add-on Acquisition) 35 of 68
Country (France) 35 of 61
Year (2011) 10 of 12
Size (of disclosed) 1 of 59
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-01 IN tIME

Hanover, Germany

IN tIME is a provider of time-critical express and courier services and has a leading market position in its segment in the European market. In Germany, the company offers its mostly industrial customers a guaranteed pickup of consignments up to 2,400 kg within 60 minutes and within 3 hours in the rest of Europe.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-27 Firstassist Insurance Services

Sutton, United Kingdom

Firstassist Insurance Services Ltd. is a provider of healthcare insurance and related assistance operations that cater to the changing health and well being needs of businesses large and small individuals throughout their life stages.

Sell £71M
SELLER

LBO France

Paris, France

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1985
PE ASSETS 5.4B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

LBO France is an independent private equity group focused on acquiring majority stakes in French firms, or companies with French management. LBO France manages several funds, each targeting different types of businesses. The Firm's mid-market fund looks to acquire majority or minority stakes in companies valued from €100 million to €2.5 billion. The mid-market fund generally looks at companies with predictable sales, profits and cash flow, but will also consider businesses with under-utilized assets. LBO France's small cap fund targets majority stakes in smaller, profitable businesses valued from €10 to €100 million, with strong potential for growth or consolidation. In addition to its equity funds, LBO France also invests in real estate and provides LBO loans issued by medium-sized European companies (enterprise value between €150m and €2bn). LBO France was formed in 1985 and is based in Paris.

DEAL STATS #
Overall 16 of 55
Sector (Electrical Equipment) 3 of 5
Type (Add-on Acquisition) 4 of 15
Country (France) 13 of 47
Year (2011) 3 of 3
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-16 Eminence S.A.S.

Aimargues, France

Eminence S.A.S. is a manufacturing and distribution of male underwear with Athena and Eminence brands in France, and Liabel brand in Italy

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-04 Emeraude International

Paris, France

Emeraude International is a distributer of polymers and chemical products. Emeraude International was founded in 1986 and is based in Paris, France.

Buy -
SELLER

Idinvest Partners

Paris, France
Category Private Equity Firm
Founded 1997
PE ASSETS 7.6B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Idinvest Partners is a European investment firm focused on investing in small to mid-sized companies at various stages of development. Idinvest segments its investment activity into three groups. These include venture and growth capital, private debt, and dedicated portfolios/funds. Idinvest's venture and growth capital group looks to invest directly in early stage companies with high growth potential. Idinvest's private debt group seeks to provide senior or subordinated debt to small and mid-sized companies pursuing growth objectives. Idinvest's dedicated portfolio/funds group looks to invest in private equity funds, acquire secondary fund positions, and directly co-invest alongside other private equity firms in established companies. Idinvest Partners was formed in 1997 and is based in Paris.

DEAL STATS #
Overall 5 of 38
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 2 of 18
Country (France) 3 of 24
Year (2011) 4 of 5
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-22 Klea Holding

Paris, France

Klea Holding manufactures and distributes electronic and parapharmaceutical products in 5 ranges (thermometers, blood pressure, electrotherapy, health & well-being and oral hygiene). Klea Holding was founded in 2007 and is based in Paris, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-09 Ezakus Labs

Paris, France

Ezakus Labs is a platform for advertising targeting. Ezakus Labs was founded in 2010 and is based in Paris, France.

Buy -
Mergr

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