BOSTON—GE
announced it has completed the sale of its Current, powered by GE business unit to American Industrial Partners (AIP), a New York-based private equity firm
focused on buying, improving and growing industrial businesses. Financial
details were not disclosed.
Current’s portfolio spans LED and traditional lighting solutions, along with a
wide variety of intelligent controls, sensors and software. The business
delivers energy savings and operational productivity for its customers, which
include commercial offices, retail stores, industrial facilities and cities.
Under a long-term licensing agreement, Current will continue using the GE brand
on its products and services moving forward.
“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 consumer lighting business of GE Lighting is not included as part of the
transaction.