American Industrial Partners has closed its acquisition of Current, branded as “Current, powered by GE”, a provider of digital lighting and energy management systems, from GE.
Current is a provider of solid-state lighting (SSL) products, traditional lighting products, sensors, controls and software and a provider of energy/power management consulting services to commercial offices, retail stores, industrial facilities, hospitals, universities, banks, and cities.
The company operates through two units: The Professional unit manufactures LED retrofit kits, LED and conventional lamps, and LED fixtures for commercial, industrial, outdoor and roadway applications; and the Digital unit integrates sensors and controls to enable an open, cloud-based platform of apps for customer productivity and energy management.
Current, with approximately 2,500 employees, has three assembly plants, one processing plant, and two distribution centers and is headquartered in Boston (www.currentbyge.com).
Current, which was formed by GE as a startup subsidiary in October 2015, has annual revenues of approximately $940 million. “Three and a half years ago, we formed Current as a new kind of startup within the walls of GE, and today we are thrilled to celebrate the successful conclusion of that journey as we prepare to embrace our next,” said Maryrose Sylvester, CEO of Current. “American Industrial Partners is an excellent fit for our people and technology. Current has an important role to play in this emerging industry, and we look forward to working with our customers to continue building the future of digital lighting innovation.”
As part of the transaction, GE and Current have entered into a long-term licensing agreement to allow Current to continue using the GE brand on its products and services. The consumer lighting business of GE Lighting is not included as part of the transaction.
American Industrial Partners (AIP) makes equity and debt investments in manufacturing and industrial services companies that have revenues of at least $300 million and enterprise values of up to $2 billion. The firm was founded in 1989 and is headquartered in New York (www.americanindustrial.com).
AIP acquired Current through its sixth fund which closed in September 2015 at its hard cap with $1.8 billion in limited partner commitments.
© 2019 Private Equity Professional | April 2, 2019
