Tuesday, November 30, 2010

Actuant signs agreement to acquire Mastervolt

MILWAUKEE, USA: Actuant Corp. announced the signing of a definitive agreement to acquire the stock of Mastervolt. The purchase is subject to customary regulatory approvals and closing conditions, and is expected to close within 30 days.

Total consideration for the transaction is approximately €115 million ($150 million) which will be funded from the Company’s cash and revolving credit facility. Mastervolt generated approximately €85 million ($110 million) in revenue in the past twelve months.

Headquartered in Amsterdam, the Netherlands, privately held Mastervolt is a designer, developer and global supplier of highly innovative, branded power electronics. Its products provide the technology associated with the efficient conversion, control, storage and conditioning of power and are utilized in various end markets including solar photovoltaic (PV), marine and specialty vehicles.

In the solar market, Mastervolt is focused primarily on high-quality and high-yield inverters for sub-segments of the on-grid market in Europe. Inverters serve as the critical link in a solar PV system, connecting the solar panels to the electric grid, efficiently converting direct current (DC) into alternating current (AC).

In the marine and specialty vehicle markets, Mastervolt provides integrated power systems which include battery chargers, inverters, generator sets, batteries, switchboards and electrical propulsion. Mastervolt provides “green” solutions to the marine market with its hybrid and electric propulsion, lithium-ion batteries and digital switching technologies.

Robert C. Arzbaecher, Actuant’s CEO, stated: "Mastervolt represents a great addition to Actuant’s Electrical segment, repositioning it toward higher growth and product technology. Its focus on innovation, strong management team and asset light operating model are an ideal fit with Actuant.

"With two-thirds of its revenues derived from the solar product line, Mastervolt meaningfully extends our presence in this market with its inverters, a crucial component of any PV installation. Their strong presence in marine complements our Marinco brand and provides a platform to globalize the market leading products of both businesses through their respective established distribution channels.

"Mastervolt CEO Paul Kenninck and his management team have done an outstanding job creating a growth platform and we look forward to them joining the Actuant team.”

“Mastervolt’s business has historically grown faster than Actuant’s stated 1.5-2.0X GDP growth objectives,” continued Arzbaecher. “Given increasing global energy demands and the focus on renewable energy sources, we expect this trend to continue. In addition, Mastervolt furthers the diversity of our global energy related served markets, which include oil and gas, nuclear, wind, and now solar.”

McDermott Will & Emery LLP and De Brauw Blackstone Westbroek N.V. served as Actuant’s legal counsel for this transaction. Kempen & Co. acted as advisor to Mastervolt, while Lexence N.V. provided legal counsel.

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