Actuant Corp., Milwaukee, found a buyer for its electrical business lines, which includes storied brands such as Gardner Bender tools, Marinco and Mastervolt marine electrical equipment, Acme transformers and Turner Electric high-voltage switches. Private equity firm Sentinel Capital Partners, New York, agreed to pay $258 million in cash for the business, and the deal is expected to close in the next 45 days.
As reported in Electrical Marketing, Actuant announced its intent to sell its Electrical Segment businesses in June. The businesses brought in revenues of $325 million in 2012, and employs 1,000 workers at six locations with its headquarters in Menomonee Falls, Wis.