Actuant to sell electrical segment
Actuant Corporation has reached a definitive agreement to sell its electrical segment to Sentinel Capital Partners for $258 million in cash.
The transaction is expected to be completed within 45 days, subject to customary closing conditions.
Actuant announced in June that its board of directors had authorized a plan to begin a divestiture process for the electrical segment in order to refocus on the remaining businesses.
The electrical segment primarily serves the retail do-it-yourself, marine, industrial OEM and wholesale electrical markets with a variety of products under the Gardner Bender, Marinco, Mastervolt, Acme and Turner Electric brand names. In fiscal 2013, it had sales of approximately $300 million. The segment employs approximately 1,000 and operates from six locations across the globe with its headquarters in Menomonee Falls, Wis.
Robert W. Baird & Co. served as Actuant’s financial advisor for this transaction and McDermott, Will and Emery, LLP served as legal counsel.
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