One Equity Partners has acquired SGB-SMIT, an independent manufacturer of electrical power transformers and equipment, for an undisclosed amount. The deal comes months after the private equity firm raised $1.65 billion in commitments to back industrial, healthcare and technology sectors. One Equity was recently added to the 10 Young and Thriving PE Firms Worth Watching list by Mergers & Acquisitions.
Dating back to 1900, SGB-SMIT supplies electrical transformers to utilities, grid operators, renewable energy original equipment manufacturers, and industrial clients. The Regensburg, Germany-based target sells a variety of transformers, including: gen step up transformers, auto-transformers, grid transformers, phase shifting transformers, oil distribution transformers, and reactors to customers worldwide. The target has a six production facilities in the U.S., Germany, the Netherlands, Romania and Malaysia.
“This significant step will allow us to serve our customers around the globe even better,” states Jan Ölscher, CEO of SGB-SMIT. “It opens new horizons to complete our product portfolio and expand our geographic footprint.”
One Equity is a middle market private equity firm that was founded in 2001 as Bank One's PE arm. In 2005, the firm became part of J.P. Morgan Chase & Co. (NYSE: JPM) in the same capacity and in 2015, One Equity became independent through a completed spinoff. The firm has offices in New York, Chicago and Frankfurt. The firm has been quite active recently. Through its platform company W.W. Williams, One Equity has acquired two truck maintenance service providers ASH and Desert Fleet. In 2015, the firm also bought 3M Co.’s (NYSE: MMM) library systems division.