American Industrial Partners to Acquire Current, Powered by GE
Ropes & Gray represented American Industrial Partners, a New York-based private equity firm, in its acquisition of General Electric’s Current, powered by GE business. As part of the proposed sale, Current would maintain the use of GE’s brand under a licensing agreement. The transaction, announced on Nov. 6, is expected to close in early 2019, subject to customary closing conditions. 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, and also a wide variety of connected sensors, controls and software.
The Ropes & Gray team was led by private equity partner Daniel Evans, benefits partner Adam Stella, labor & employment partner Megan Bisk, real estate partner Peter Alpert, finance partner Stefanie Birkmann and private equity associate Todd Kornreich.