Blackstone to Acquire SEDIVER Parent Company SEVES Group from Triton Partners
LONDON, UK and LUXEMBOURG, LUXEMBOURG – June 6, 2024 – Blackstone (NYSE: BX) announced today that private equity funds affiliated with Blackstone (“Blackstone”) have entered into a definitive agreement to acquire SEVES Group S.à r.l, the parent company of SEDIVER Group (“SEDIVER” or the “Company”), a provider of specialised electrical insulator solutions for the high-voltage transmission grid, from Triton Partners (“Triton”). Financial terms of the transaction were not disclosed.
As the world’s leading manufacturer of toughened glass insulators, SEDIVER supplies a mission-critical element of the electric transmission grid. SEDIVER is a global business with over 600 million insulators in service worldwide, having pioneered the technology for over 70 years. The Company supports the energy transition by enabling the reliable and sustainable transmission of electricity, whilst facilitating the global electrification megatrend. SEDIVER’s products are critical to the modernisation of the electrical grid in developed economies, while powering the new build-out of grid systems in emerging markets around the world.
“SEDIVER has successfully built on its innovative heritage to become a truly global brand within the power grid supply chain. As a leading investor in the energy transition, we prioritise partnering with companies with strong, capable management teams, and work to help them fully capitalise on the growth opportunities available. We look forward to supporting Erik and the wider team in the next phase of its journey,” said Juergen Pinker, Senior Managing Director at Blackstone.
“Newly built solar and wind power generation facilities need to be connected to the grid to get power delivered safely, reliably, and affordably to where it is needed to serve growing electricity demand, thereby supporting the ongoing energy transition. This is driving substantial incremental investment in the electrical transmission grid, a theme that SEDIVER is well positioned to benefit from,” added David Foley, Global Head of Blackstone Energy Transition Partners.
“Together with Triton, we have moved SEDIVER into a future-proofed company at the helm of a megatrend. I wish to thank everyone involved for their strong partnership and support. Looking forward, the entire executive team of SEDIVER is thrilled about the partnership with Blackstone. We will have a terrific opportunity to capitalise on the strong demand growth for our solutions, and with Blackstone’s backing, we are well placed to make the necessary investments to increase our capacity and serve our utility customers and partners across the globe,” commented Erik Göthlin, CEO of SEDIVER.
“SEDIVER is today well positioned in a market that benefits from the need for increased electrification and the energy transition. Just like in the other companies within SEVES Group, Triton has driven a major transformation agenda that involved enhancing its management team, improving its procedures and footprint, and investing in digital capabilities. With this last successful transaction, we close our investment in the group and are thankful to management and employees for all their hard work,” said Joakim Olsson, Operating Partner at Triton and Chairman of SEVES Group.
The transaction is expected to close in the second half of 2024, subject to regulatory approvals.
Lincoln International is acting as financial advisor to SEVES Group and Triton. Citi is acting as financial advisor to Blackstone.
About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries, and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.
About Blackstone Energy Transition Partners
Blackstone Energy Transition Partners is Blackstone’s energy-focused private equity business, a leading energy investor with a successful long-term record, having invested over $21 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering cleaner, more reliable, and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs, and generate lasting value for our investors, employees, and all stakeholders.
About SEDIVER
SEDIVER is the world’s leader in transmission insulator technology. With over 70 years of experience on worldwide power networks and continued investments in R&D, SEDIVER has gained a true expertise in research, design, manufacturing, and testing of insulators up to very high voltages. SEDIVER ensures the highest reliability and performance of transmission systems throughout the service time of the line, under all environmental conditions. SEDIVER is your natural partner for all insulator applications. Further information is available at www.sediver.com and on LinkedIn.
Press Contacts
Blackstone
Rebecca Flower
[email protected]
+44 (0)7918 360372
Triton
Fredrik Hazén
[email protected]
+46 850 559 614