MILWAUKEE — Actuant Corporation (NYSE:ATU) has reached a definitive agreement to sell its Electrical Segment to Sentinel Capital Partners for $258 million in cash, subject to working capital and other closing adjustments. The transaction is expected to be completed within 45 days, subject to customary closing conditions.
In June 2013, Actuant announced that its Board of Directors had authorized a plan to commence a divestiture process for the Electrical Segment in order to refocus on the remaining businesses and better position the Company to take advantage of its core competencies, current business model and global growth trends. Since that announcement, the Electrical Segment’s results have not been included in Actuant’s continuing operations and therefore, the pending sale transaction has no impact on Actuant’s sales and earnings guidance for fiscal 2014.
The Electrical Segment primarily serves the retail do-it-yourself, marine, industrial OEM and wholesale electrical markets with a variety of products under the Gardner Bender, Marinco, Mastervolt, Acme and Turner Electric brand names. In fiscal 2013, it had sales of approximately $300 million. The segment employs approximately 1,000 and operates from six locations across the globe with its headquarters in Menomonee Falls, Wisconsin.
Robert W. Baird & Co. served as Actuant’s financial advisor for this transaction and McDermott, Will and Emery, LLP served as legal counsel.Tagged with tED