Menomonee Falls-based Actuant Corp. has reached terms to acquire the stock of Mastervolt, an Amsterdam-based designer, developer and global supplier of power electronics used in solar photovoltaic, marine and specialty vehicles.
The transaction is valued at about $150 million. Actuant will pay cash and use some of its revolving credit facility to fund the purchase.
“Mastervolt represents a great addition to Actuant’s Electrical segment, repositioning it toward higher growth and product technology,” said Robert Arzbaecher, Actuant’s chief executive officer. “Its focus on innovation, strong management team and asset light operating model are an ideal fit with Actuant.”
Mastervolt makes inverters used in the European on-grid solar market, which connect solar panels to the electric grid, efficiently converting direct current into alternating current. The company provides battery chargers, inverters, generator sets, batteries, switchboards and electrical propulsion to the marine and specialty markets.
Mastervolt also provides “green” solutions to the marine market with its hybrid and electric propulsion, lithium-ion batteries and digital switching technologies.
“Mastervolt’s business has historically grown faster than Actuant’s stated 1.5-2.0X GDP growth objectives,” Arzbaecher said. “Given increasing global energy demands and the focus on renewable energy sources, we expect this trend to continue. In addition, Mastervolt furthers the diversity of our global energy related served markets which include oil & gas, nuclear, wind, and now solar.”
