Triton acquires auxiliary components business of Alstom’s Thermal Power division
Funds advised by Triton are to acquire the auxiliary components business of Alstom’s Thermal Power division for an enterprise value of around EUR730m.
The transaction was approved by the board of directors of Alstom on 31 March. The transaction is expected to close before the end of first half of fiscal year 2014/15.
The auxiliary components business is part of the steam segment within Alstom’s Thermal Power division and is active both in the new equipment market and aftermarket services across three product lines: air preheaters and gas-gas heaters for thermal power plants, heat transfer solutions for a variety of petrochemical and industrial processes, and grinding mills for diversified industrial applications.
Headquartered in Mannheim, Germany, the company employs over 1,500 people worldwide, with operations in Germany, the US, Japan, China, India, Brazil, Switzerland and the Czech Republic.
For the fiscal year ending 31 March, 2014, the business is expected to generate revenues in excess of EUR430m, with strong growth prospects for the years ahead.
“Triton looks forward to working with the management team and employees to strengthen and grow the company," says Peder Prahl, director of the general partner of the Triton funds.
“This transaction highlights the strength and value of Alstom portfolio of activities, and illustrates the group’s ability to deliver on its strategy of selective, value-enhancing disposals,” says Nicolas Tissot, chief financial officer of Alstom.
The development of the business will rely on a mutually beneficial relationship between Triton and Alstom.
Philippe Cochet, president of Thermal Power, says: “This sale will ensure a solid future for employees and a sustainable quality of service for customers. Alstom, which already contributed up to 20 per cent of the sales, will remain a major customer.”
- By Category
- News from other sites
- Special Reports
- Partner events