GE announced that it has completed the sale of its Current business unit to American Industrial Partners, a New York-based private equity firm focused on industrial businesses.
Financial details of the acquisition were not disclosed.
Under a long-term licensing agreement, Current will continue using the GE brand on its products and services moving forward.
Current?s portfolio includes LED and traditional lighting solutions, as well as a wide variety of intelligent controls, sensors and software.
?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 firm also said that the consumer lighting business of GE Lighting is not included as part of the transaction.
Current mainly focuses on blending advanced LED technology with networked sensors and software for commercial buildings, retail stores, industrial facilities and cities.
Current provides both indoor and outdoor lighting controls solutions. The company?s portfolio includes HVAC, plug load, and additional sensors such as leak detection, CO2, and vibrations, to business operations and enable smart building capabilities
American Industrial Partners is a? private equity firm that makes control investments in industrial businesses serving domestic and global markets. To date, AIP says it has completed over 95 transactions and has approximately $7 billion of assets under management on behalf of leading pension, endowment and financial institutions.
