GE announced recently that 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 has a focus on buying, improving and growing industrial businesses.
The proposed transaction is expected to be completed in the early 2019, subject to customary closing conditions, regulatory approvals and consultation processes where required under local law. However, the financial details have not been 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, 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.
American Industrial Partners would be a great home for Current helping it move forward. The firm’s expertise and experience in operations and engineering, combined with its highly successful track record of industrial business investments, would help accelerate Current’s growth. The partnership with the AIP team is going to further establish Current as a leader in the rapidly increasing IoT lighting space.