Sentinel Capital Partners has acquired Power Products, the electrical segment of Actuant Corporation (NYSE:ATU), for $258 million.
Power Products is an electrical products company that designs, manufactures and distributes branded electrical tools, consumables, wiring products, harsh-environment power conversion solutions, transformers, inverters, switches, and other related electrical products and accessories. The company serves the construction and remodeling, marine and recreation, industrial, and utility market segments through a variety of sales channels including OEMs, wholesale distributors, internet, catalog, and retail outlets. Power Products’ brands include Del City, Gardner Bender, Marinco, Mastervolt, Acme, and Turner Electric. Power Products is headquartered near Milwaukee in Menomonee Falls, WI (www.delcity.net) (www.gardnerbender.com) (www.marinco.com) (www.mastervolt.com) (www.acmepowerdist.com) (www.turnerswitch.com).
“We are very excited to work with Power Products’ management to help build the business,” said Eric Bommer, a Sentinel partner. “Power Products owns great brands and has a long history of successfully serving its many customers, a very talented management team, and exciting growth opportunities.”
Sentinel Capital Partners invests in middle market companies in the United States and Canada in partnership with management. The firm invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of businesses with EBITDAs between $7 million and $40 million. Sentinel targets eight industry sectors: aerospace & defense, business services, consumer, distribution, food & restaurants, franchising, healthcare, and industrials. The firm is headquartered in New York (www.sentinelpartners.com).
The acquisition of Power Products adds another corporate carve out transaction to Sentinel’s portfolio. Sentinel has now completed six similar transactions including IEP Technologies from United Technologies; Southern California Pizza Hut stores from Yum! Brands; Vintage Parts from The Swire Group; Fasloc from DuPont; Alemite from Invensys; and Taco Bell stores in Minnesota from Pepsico.
© 2013 PEPD • Private Equity’s Leading News Magazine • 12-17-13
