European private equity firm Triton Partners has acquired the heat exchangers business line from German processing firm GEA for about €1.3 billion, according to a statement.
GEA is primarily known for its food processing business, but also maintains a variety of business lines focused on automation and processing. The company’s heat exchanger business holds the bulk of the market in Germany and Western Europe.
“GEA Heat Exchangers operates in niche markets with global growth opportunities,” said Peder Prahl, director of the general partner of Triton funds, in a statement.
Triton focuses on medium-sized European businesses with a heavy emphasis on industrials, according to the firm’s website. Triton was recently involved in another transaction to acquire French power equipment manufacturer Alstom for €730 million.
Both investments came from Triton fund IV, according to sources familiar with the matter. Fund IV closed last year at €3.5 billion, above its original €2.4 billion target, according to Private Equity International’s research and analytics division.