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Kohler set to carve out energy business with private equity backing
Maritime power and engine manufacturer Kohler Co is establishing its energy division as an independent business following its acquisition by Platinum Equity
This independent business will include power systems, engines, uninterruptible power systems, Clarke Energy, Curtis Instruments and Heila Technologies. The deal was announced as Kohler celebrated 150 years of manufacturing power and energy systems in various industrial sectors, including maritime and offshore.
Kohler said there are legal requirements that need to be completed, but expects the transaction to be finalised Q2 2024. Until then, Kohler will operate as one company.
“We took this bold and strategic move for the future of our company,” said Kohler chair and chief executive David Kohler.
“This important moment in our journey signifies our commitment to deepening the focus and investment in Kohler’s other businesses and continuing to drive growth within our respective industries.”
Kohler Energy supplies generator sets, engines and other prime and back-up power solutions and electrified powertrain technologies worldwide.
“The timing is right due to the strength of the energy business, which is driven by world-class products manufactured and sold by highly skilled associates,” said Mr Kohler, who will remain on the board of Kohler Energy once it becomes an independent company.
Kohler group president Brian Melka will be chief executive of Kohler Energy.
“We expect to drive significant continued investment that increases value to our customers, team members, and shareholders,” said Mr Melka. “We look forward to working with Platinum Equity to embark on our next phase of growth. Our immediate priority is ensuring a smooth transition.”
Platinum Equity is a global investment firm with around US$47Bn of assets under management. Kohler selected Platinum Equity due to the firm’s deep operational expertise and successful track record with carve-out transactions.
“We appreciate Kohler’s confidence in our ability to build on the legacy and support the energy business’s continued growth and expansion as a standalone company,” said Platinum Equity co-president Jacob Kotzubei.
Platinum Equity has 28 years of experience acquiring and operating global businesses that have been part of large corporate entities. In recent years, the firm has acquired businesses from firms like Ball Corp, Caterpillar, Emerson Electric, Ingersoll Rand and Johnson & Johnson.
“The energy resilience business has strong technical capabilities and an opportunity to benefit from attractive tailwinds driving a sustained need for reliable power solutions in industrial, commercial, residential and equipment applications,” said Platinum Equity managing director Matthew Louie.
BDT & MSD Partners and BofA Securities are serving as financial advisors to Kohler, while White & Case are acting as legal advisors to Kohler. Goldman Sachs & Co and William Blair & Co are serving as financial advisors to Platinum Equity on the Kohler Energy investment.
Gibson, Dunn & Crutcher is serving as legal advisor and Willkie Farr & Gallagher is serving as debt financing counsel to Platinum Equity.
Kohler presented its latest maritime gensets and power systems at the Europort exhibition in Rotterdam, the Netherlands, when the company announced its plans to carve out Kohler Energy with support from Platinum Equity.
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