The Gores Group LLC has sold one of its portfolio firms, Lineage Power, to General Electric Co. in a deal valued a $520 million.
Plano, Texas-based Lineage makes equipment that converts electric power back and forth from alternating current to direct current. It was acquired by Alec Gores’ Los Angeles investment company three years ago.
GE of Fairfield, Conn. on Thursday said the acquisition opens the door for it to deploy its technology in the power conversion space.
Lineage had revenues of approximately $450 million last year, and the deal values the firm at eight times its enterprise value based on this year’s earnings before interest, taxes, depreciation and amortization (EBITDA).
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Private Equity Firm’s Prints All Over Touch Screen
- Wealthiest Angelenos: Alec Gores - #23
- Debit Card Company Takes a Run at Utah Bank
- Gores' Company to Acquire Cherokee International
- Gores Group Completes Sale of Vincotech
- Gores Group to Sell Power Device Firm
- NEWS OF THE WEEK
- Gores Buys Power Systems Unit