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American Industrial Partners Completes Acquisition of Current, powered by GE

  • GE has completed the sale of its Current business unit to American
    Industrial Partners
  • Current will continue using the GE brand under a licensing agreement

BOSTON–(BUSINESS WIRE)–lt;a href="https://twitter.com/hashtag/EnergyManagement?src=hash" target="_blank"gt;#EnergyManagementlt;/agt;–GE (NYSE: GE) today announced it has completed the sale of its Current,
powered by GE business unit to American Industrial Partners (AIP), a New
York-based private equity firm focused on buying, improving and growing
industrial businesses. Financial details were not disclosed.

Current’s portfolio spans LED and traditional lighting solutions, along
with a wide variety of intelligent controls, sensors and software. The
business delivers energy savings and operational productivity for its
customers, which include commercial offices, retail stores, industrial
facilities and cities. Under a long-term licensing agreement, Current
will continue using the GE brand on its products and services moving
forward.

“Three and a half years ago, we formed Current as a new kind of startup
within the walls of GE, and today we are thrilled to celebrate the
successful conclusion of that journey as we prepare to embrace our
next,” said Maryrose Sylvester, President & CEO of Current. “American
Industrial Partners is an excellent fit for our people and technology.
Current has an important role to play in this emerging industry, and we
look forward to working with our customers to continue building the
future of digital lighting innovation.”

The consumer lighting business of GE Lighting is not included as part of
the transaction.

About Current, powered by GE
Current is the digital engine
for intelligent environments. The company blends advanced LED technology
with networked sensors and software to make commercial buildings, retail
stores, industrial facilities and cities more energy efficient &
productive. Backed by a broad ecosystem of technology partners, Current
is helping businesses and cities unlock hidden value and realize the
potential of their environments. www.currentbyge.com

About American Industrial Partners
American Industrial
Partners is an operationally oriented private equity firm that makes
control investments in industrial businesses serving domestic and global
markets. The firm has deep roots in the industrial economy and has been
active in private equity investing since 1989. To date, AIP has
completed over 95 transactions and currently has approximately $7
billion of assets under management on behalf of leading pension,
endowment and financial institutions. For more information on AIP, visit www.americanindustrial.com

Contacts

Nikolas Noel
Current, powered by GE
+ 1 502 544 5929
[email protected]