Triton acquires part of Alstom in €730m deal

Alstom will remain a major customer of the business, already contributing up to 20% of sales. The power provider announced its programme to dispose of non-core assets last November, while this transaction is expected to close before the end of the first half of the 2014/15 fiscal year.

The auxiliary components business is part of the thermal power division's steam segment and is active in both the new equipment market and after-market services across three product lines: air preheaters and gas-gas heaters for thermal power plants, heat transfer solutions for a variety of petrochemical and industrial processes, and grinding mills for diversified industrial applications.

Triton will aim to grow the value of the company by improving cost structures and production processes and will increase its investments into research and development projects.

Funding for the deal was sourced partly from Triton's fourth fund, which closed in May last year on €3.3bn. A source close to the deal hinted that management also invested in the transaction.

In late March, Triton acquired Norwegian oil services company Cubility from Energy Ventures. According to unquote" data, Triton's last German deal was the acquisition of Germany-based pneumatics manufacturer, Rexroth Pneumatics, from its parent company Bosch Rexroth, in December 2013.

Company
Headquartered in Mannheim, Germany, Alstom employs more than 1,500 people across Germany, Switzerland, the Czech Republic, Japan, China, India, Brazil and the US. Revenues for the company are expected to be in excess of €430m for the 2013/14 fiscal year, with a double-digit operating margin. The company was formed in 1928 from a merger between French Compagnie Française Thomson Houston and Belfort-based Société Alsacienne de Constructions Mécaniques.

People
Philippe Cochet is the president of Alstom's thermal power division. Peder Prahl is managing partner at Triton.

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