Sun European Partners acquires Schneider Electric’s Invensys Appliance division

Sun European Partners has acquired the Invensys Appliance division from its parent company Schneider Electric, a global specialist in energy management, based in France. Upon completion of the transaction, Invensys Appliance will become the Robertshaw Controls Company.

PRESS RELEASE

Sun European Partners, LLP (“Sun European Partners”) today announces that one of its affiliates has acquired the Invensys Appliance division from its parent company Schneider Electric, the global specialist in energy management, based in France. Upon completion of the transaction, Invensys Appliance will become the Robertshaw Controls Company (“Robertshaw”).
Robertshaw is a leading design, engineering and manufacturing company that sells the world’s most extensive range of critical components and control systems used to regulate all major functions of white good appliances such as cooking, refrigeration, laundry and dishwashing machines, in both the residential and commercial sectors. Its products include electromechanical and electronic controls supplied under the globally recognised Robertshaw and Ranco brand names to leading international white goods original equipment manufacturers (OEMs).

Headquartered in Carol Stream, IL, USA, the company employs approximately 5,600 people across 22 international engineering, manufacturing and distribution sites in North America, South America, Europe and Asia-Pacific. In the financial year ended 31 March 2013, the company achieved revenues of £331m.

On completion of the transaction, Robertshaw will be well-positioned and have the appropriate capital structure to maximise the opportunities presented by the growing global appliance market, driven predominantly by an improving market cycle fuelled by increasing consumer spending and an ongoing housing market recovery.

Marc Leder, Co-CEO at Sun, said; “Robertshaw has a strong heritage and historical presence in the white goods appliance market. The quality and design of its products coupled with its many long-term customer relationships have helped to establish this company as an industry leader. As the broader economic environment improves, we expect to see greater potential in the global appliance market to emerge. We are looking forward to working hand in hand with the management team in the pursuit of these prospects.”

Sun European Partners has significant experience acquiring manufacturing divisions from large corporates. Among its affiliated portfolio companies it has a number of leading businesses including Albéa (carve-out from Rio Tinto), one of the world’s leading packaging companies for the make-up, fragrance, skincare, personal and oral care markets, headquartered in France; Bundy Refrigeration (carve-out from TI Automotive), a manufacturer and supplier of fluid carrying cooling system components for the domestic refrigeration industry; and DBApparel (carve-out from Sara Lee), a market leader in the design, manufacture and distribution of branded intimate apparel.

-ENDS-

About Sun European Partners, LLP
Sun European Partners, LLP is a leading private investment advisory firm, combining the financial skills and resources of a traditional private equity firm with the operational insight and expertise of a world class operating team. The firm focuses on market-leading companies that can benefit from our in-house professionals, resources, and expertise in their efforts to materially improve operating performance. Affiliates of Sun European Partners, LLP have invested in more than 330 companies worldwide since 1995, with combined sales in excess of €35 billion.

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