New York-based One Equity Partners, the private equity firm, has taken over German SGB-SMIT, which also owns a majority stake in Romanian Retrasib Sibiu, the listed company that manufactures power transformers.
“As a result of the notification received from the SGB-SMIT Group management, we inform you that the private equity company One Equity Partners has acquired all shares of the SGB-SMIT Group. SGB-SMIT owns 67.45% of the shares of Retrasib SA Sibiu,” said the company in a statement submitted to the Bucharest Stock Exchange (BVB).
SGB-SMIT is a medium-sized manufacturer of transformers in Europe, supplying customers worldwide from six production sites in Germany, the Netherlands, Romania, Malaysia and the US. The company reached EUR 729 million in sales in 2016 and employed 2,200 people.
“SGB-SMIT has repeatedly proven capable of delivering growth rates in excess of the market, and we look forward to working with management to build on this success and make SGB-SMIT a global leader through strategic, transformative combinations,” said Johann-Melchior von Peter, senior managing director at OEP.
SGB-SMIT was controlled by private equity firm BC Partners. The value of the transaction was undisclosed.