GE recently 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 and approvals.
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.
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.
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.