Mastervolt continues succesful growth strategy together with Actuant
Mastervolt announces today that it has signed a definitive agreement with Actuant Corporation who will acquire all outstanding shares of Mastervolt. The acquisition is subject to customary regulatory approvals and closing conditions, and is expected to complete within 30 days.
Following a comprehensive review of different strategic options and taking into account the interests of all stakeholders, the management- and supervisory boards of Mastervolt are convinced that Actuant is the right partner to continue and accelerate the company's successful growth path towards leading positions in the international leisure marine-, automotive, and solar markets.
Headquartered in Amsterdam, the Netherlands, privately held Mastervolt is a designer, developer and global supplier of highly innovative, branded power electronics. Its power electronics provide the technology associated with efficient conversion, control, storage and conditioning of power. Its products are utilized in various end markets including solar photovoltaic (PV), marine, and specialty vehicles. In the solar market, Mastervolt is focused primarily on high-quality and high-yield inverters for the on-grid market. Inverters serve as the critical link in a solar PV system, connecting the solar panels to the electric grid, efficiently converting direct current (DC) into alternating current (AC). In the marine and specialty vehicle markets, Mastervolt provides integrated power systems which include battery chargers, inverters, generator sets, batteries, switchboards and electrical propulsion. Mastervolt provides "green" solutions to the marine market with their hybrid and electric propulsion, lithium-ion batteries and digital switching technologies.
Actuant Corporation is a diversified industrial company with operations in more than 30 countries. The Actuant businesses are leaders in a broad array of niche markets including branded hydraulic and electrical tools and supplies, specialized products and services for energy markets and highly engineered position and motion control systems. The Company was founded in 1910 and is headquartered in Butler, Wisconsin. Actuant trades on the NYSE under the symbol ATU. For further information on Actuant and its businesses, visit the Company's website at www.actuant.com.
Commenting on the transaction, Robert C. Arzbaecher, Actuant's Chief Executive Officer stated, "Mastervolt represents a great addition to Actuant's Electrical segment, repositioning it toward higher growth and product technology. Its focus on innovation, strong management team and asset light operating model are an ideal fit with Actuant. With two-thirds of its revenues derived from the solar product line, Mastervolt meaningfully extends our presence in this market with its inverters, a crucial component of any PV installation. Their strong presence in marine complements our Marinco™ brand and provides a platform to globalize the market leading products of both businesses through their respective established distribution channels. Mastervolt CEO Paul Kenninck and his management team have done an outstanding job creating a growth platform and we look forward to them joining the Actuant team."
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"Mastervolt's business has historically grown faster than Actuant's stated 1.5-2.0X GDP growth objectives", continued Arzbaecher. "Given increasing global energy demands and the focus on renewable energy sources, we expect this trend to continue. In addition, Mastervolt furthers the diversity of our global energy related served markets which include oil & gas, wind, and now solar."
Paul Kenninck, Chief Executive Officer of Mastervolt commented: "Mastervolt's strategy is aimed at building leading positions in the international leisure marine-, automotive, and solar markets. In the past few years Mastervolt has considerably advanced its position in the various markets, most notably the on-grid solar market. We're excited to now team up with Actuant's Electrical Segment as this provides our company with a solid platform to further accelerate our business success which is based on technology- and product development initiatives coupled with a strong focus on marketing and sales". The Corporate Finance team of Amsterdam based merchant bank Kempen & Co acted as advisor to Mastervolt on the transaction while Lexence NV provided legal counsel. McDermott Will & Emery LLP and De Brauw Blackstone Westbroek N.V. served as Actuant's legal counsel for this transaction.
Amsterdam, November 30, 2010
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