Home Private Equity EA Elektro-Automatik draws interest from private equity, industrial firms -sources

EA Elektro-Automatik draws interest from private equity, industrial firms -sources


NEW YORK, Oct 3 (Reuters) – Private equity firms Blackstone Inc (BX.N), EQT AB and THL Partners are competing against large U.S. industrial automation firms to acquire German power electronics firm EA Elektro-Automatik, according to people familiar with the matter.

Emerson Electric Co (EMR.N), Keysight Technologies Inc (KEYS.N) and Fortive Corp (FTV.N) have also expressed interest in buying EA Elektro-Automatik, which is owned by mid-market investment firm Bregal Investments, the sources said, requesting anonymity as the discussions are confidential.

A deal could value the Viersen, Germany-based company between $1.5 billion and $2 billion, including debt, the sources said, cautioning that a deal is not certain.

EA Elektro-Automatik currently generates 12-month earnings before interest, taxes, depreciation and amortization of about $100 million, the sources said.

The company has been working with a financial advisor to explore a sale since earlier this year, the sources said, adding that it received first-round bids in September.

Blackstone and THL declined to comment. Bregal, EA Elektro-Automatik, EQT, Emerson Keysight and Fortive did not immediately respond to requests for comment.

Bregal, which was formed in 2002 and is backed by the billionaire Brenninkmeijer family, has more than 17 billion euros ($17.79 billion) of assets under management. Bregal, which acquired EA Elektro-Automatik, has invested in over 85 companies till date, according to its website.

EA Elektro-Automatik, which currently has a presence in the Americas, Europe and Asia, supplies equipment that provides power supply for high-tech manufacturing processes in various sectors, including automotive, energy storage, telecommunications and aerospace.

($1 = 0.9556 euros)

Reporting by Milana Vinn in New York; Editing by Josie Kao

Our Standards: The Thomson Reuters Trust Principles.

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Milana Vinn reports on technology, media, and telecom (TMT) mergers and acquisitions. Her content usually appears in the markets and deals sections of the website. Milana previously worked at GLG and PE Hub, where she spent several years covering TMT deals in private equity. She graduated from CUNY Graduate School of Journalism with Masters in Business Journalism.
Contact: 347-463-7957

Anirban Sen is the Editor in Charge for U.S. M&A at Reuters in New York, where he leads the coverage of the biggest deals. After starting with Reuters in Bangalore in 2009, Anirban left in 2013 to work as a technology deals reporter in several leading business news outlets in India, including The Economic Times and Mint. Anirban rejoined Reuters in 2019 as Editor in Charge, Finance to lead a team of reporters, covering everything from investment banking to venture capital. Anirban holds a history degree from Jadavpur University and a post-graduate diploma in journalism from the Indian Institute of Journalism & New Media.
Contact:+1 (646) 705 9409

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