Genstar Capital To Sell Power Products' Unit To Brunswick For $910 Mln

(RTTNews) - Private equity firm Genstar Capital said it has signed a definitive agreement to sell the Global Marine and Mobile division of portfolio company Power Products to Brunswick Corp. (BC) for $910 million in cash. The Electrical Construction & Maintenance or ECM business is excluded from the sale.

Power Products' Global Marine and Mobile business is a provider of marine and mobile electrical components as well as power management systems. Its products and highly engineered electrical systems help build and maintain recreational boats as well as power recreational, specialty and emergency vehicles worldwide.

Power Products' range of electrical devices for marine, RV, specialty vehicle and industrial markets include brands such as Ancor, BEP, Blue Sea Systems, CZone, Del City, Lenco Marine, Marinco, Mastervolt, Park Power, Progressive Industries, and ProMariner.

Upon completion of the transaction, Genstar will continue to own the ECM business, which consists of a portfolio of brands serving the electrical maintenance and repair, lighting and irrigation markets. Brands include Gardner Bender, Sperry Instruments, Bergen Industries, and King Innovation.

The ECM business has been supplying electricians, do-it-yourselfers, contractors, and maintenance technicians with a wide variety of innovative products for over 50 years.

The closing of the transaction is anticipated during the third quarter. Genstar invested in Power Products in December 2016.

Baird served as financial advisor to Genstar, while Weil, Gotshal & Manges served as legal counsel on the transaction.