Barclays PE sells Martek Power to Cooper Industries

This is the fifth exit for BPE's French team in 2011. The firm notably exited French power conversion and engineering company Converteam in a $3.2bn trade sale, and sold call centre operator Webhelp to Charterhouse for €300m.

BPE was not available to comment further on the divestment.

Previous funding
BPE acquired a 60% stake in Martek in 2008. The LBO saw two non-operational family members exit their shares in the company, while founder and CEO Marcel Katz kept his stake in the business.

In an unusual financing, the €12m senior debt provided by CIC Est and the non-refinanced existing debt were both less than the €25m mezzanine debt provided by AXA Mezzanine and Euromezzanine.

Since then, Martek Power grew through three bolt-on acquisitions in France and the US. The R&D effort on hybrid and electric vehicles was also intensified.

Company
Founded in 1987, Martek manufactures highly specialised power management devices for the military, heavy-duty transportation, aerospace, medical, telecom and hybrid/electrical vehicle markets.

People
Guillaume Jacqueau, Stanislas Gaillard and Grégoire Chatillon worked on the deal for BPE. Marcel Katz is the founder and CEO of Martek Power.

Advisers
Acquirer – Orrick Rambaud Martel, Matthieu Grollemund (Legal); K&S (Legal); PricewaterhouseCoopers/Landwell, Alain Chedal, Jean Christophe Dubois (Financial due diligence and tax).
Vendor – Transaction R, Benoit O'Mahony, Florent Haïk, Anthony Bénichou (Corporate finance); SJ Berwin, Maxence Bloch, Pierre-Louis Sevegrand (Legal).

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• Topics
• France
• Exits
• Industrials
• France
• Trade sale
• Barclays Private Equity