Actuant Corp., Milwaukee, Wis., completed the sale of its electrical business lines to private equity firm Sentinel Capital Partners, New York, for $258 million in cash. The business includes brands such as Gardner Bender tools, Marinco and Mastervolt marine electrical equipment, Acme transformers and Turner Electric high-voltage switches. Actuant announced in June its intent to sell its Electrical Segment businesses. The businesses brought in revenues of $325 million in 2012, with 1,000 workers at six locations and its headquarters in Menomonee Falls, Wis.
In 2010, Actuant sold its European electrical equipment businesses, marketed primarily under the Kopp brand, which included electrical sockets, switches and tools sold mostly in the European do-it-yourself retail market.
Actuant’s remaining businesses are primarily in hydraulic and heavy-lifting systems, concrete tensioning, engineered rope and anchoring systems for industrial and energy market applications and engineered solutions such as PTO drivetrains, turbocharger airflow valves and steel cable assemblies. Remaining brands include Enerpac, Simplex, Milwaukee Cylinder, Hydratight and Cortand.