BPE sells Converteam for $3.2bn

Barlcays Private Equity and LBO France have agreed to sell a 90% stake in power storage company Converteam to General Electric. BPE made a partial exit worth €1.6bn from Converteam in 2008.

Barclays Private Equity and LBO France have agreed to sell their combined 90 percent stake in power storage business Converteam to General Electric for $3.2 billion, market sources told PEI.

Barclays Private Equity acquired Converteam in 2005, then known as Alstom Power Conversion, for €150 million. BPE made a partial exit from the company in 2008, selling a third of its stake for approximately €1.6 billion, the source said. That deal was understood to have generated a 12x multiple and 170 percent IRR for BPE.

A spokesperson for Barclays Private Equity declined comment.

Last week, BPE sold its stake in medical company Femcare Group to Utah Medical Products for £25 million (€28 million; $40 million). The sale generated a return on capital of 2x.

In February, BPE sold a minority stake in international flooring specialist Gerflor to Intermediate Capital Group alongside AXA Private Equity and Paris-based asset management firm NiXEN Partners.