November 1, 2013 – Actuant Corp. announced it is selling its Electrical Segment—which includes a variety of products under the Gardner Bender, Marinco, Mastervolt, Acme and Turner Electric brand names—to Sentinel Capital Partners for $258 million in cash, subject to working capital and other closing adjustments.
The transaction is expected to be completed within 45 days, subject to customary closing conditions.
In June, Actuant announced its board had authorized a plan to commence a divestiture process for the Electrical Segment to “refocus on the remaining businesses and better position the company to take advantage of its core competencies, current business model and global growth trends”.
The Electrical Segment primarily serves the retail DIY, marine, industrial OEM and wholesale electrical markets. The segment employs about 1000 and operates from six locations, with headquarters in Menomonee Falls, Wisc.