JP Morgan Chase's One Equity PE Group Checks Out 3M's Innovative Library Systems Business
One Equity Partners Capital Advisors LP has acquired 3M Co.’s (NYSE: MMM) library systems division, as the seller looks to shift its focus to other areas. One Equity is JPMorgan Chase & Co.’s (NYSE: JPM) private equity arm.
The target makes software to look up and check out books from libraries through tablets, and has about $100 million in annual sales.
“After a thorough strategic review, we have decided to exit the library systems business and focus on our core businesses such as reflective traffic safety and vehicle identification solutions and our public security identification and monitoring portfolio,” says John Riccardi, the vice president of 3M's traffic safety and security division.
Even though 3M, which is known for making Post-it, will focus on the company’s core products, at the same time, 3M made a deal to diversify in earlier 2015 when it purchased Polypore International Inc.’s (NYSE: PPO) separations media business.
Separately, 3M announced plans to sell its French license plate manufacturing business, Faab Fabricauto. The company said it received an offer from Hills Numberplates Ltd. for Faab Fabricauto.