Triton acquires GEA division for €1.3bn

GEA Group, a supplier to the food processing industry among other sectors, had announced its decision to divest its heat exchanger segment in June last year. Its 2013 revenues were in excess of €4.3bn and the group says it will now focus on the food and beverage industries - GEA achieved more than 70% of its turnover from the food sector last year. Proceeds from the sale will be primarily used to reinforce GEA's core business by means of targeted acquisitions.

GEA's heat exchanger business generated revenues of €1.5bn in 2013 and will be developed further as a standalone entity by its management team and Triton. The deal is expected to be completed by the end of the year, following regulatory approval.

Triton agreed to buy Alstom's auxiliary components business in a €730m deal at the start of April. The private equity firm financed the deal via its €2.4bn Triton Fund IV vehicle.

Company
Headquartered in Bochum, the company employs approximately 7,300 people worldwide. GEA's heat exchanger business is a manufacturer of heat exchanger products and is particularly active in Germany and Western Europe. The company offers a diversified product line and an application portfolio including wet and dry cooling systems and components.

The company can trace its roots back to 1881 and has been trading under the GEA Group name since 2005.

People
Peder Prahl worked on the deal for Triton. Jürg Oleas is CEO of GEA Group. Christoph Michel is CEO of GEA's heat exchanger business.

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