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 firms deep expertise in operations and engineering, combined with its highly successful track record of industrial business investments, would help us accelerate Currents 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.
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GEs 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 Currents management team on the key growth initiatives, building upon Currents 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 Currents 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.
Current, powered by GE
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