International technology supplier GEA Group Aktiengesellschaft has finalized the sale of its Heat Exchangers division (HX) to private equity investment fund Triton.
“We are pleased that, with Triton, we have found a reputable owner for the Heat Exchangers Segment. HX has a strong foothold in the market, enjoys an outstanding market position with its products and is commercially successful. In its capacity as investor, Triton brings in the perspective of further developing the business potential of HX in the best way possible”, said Jürg Oleas, chairman of the Executive Board of GEA Group Aktiengesellschaft, in a previous press release.
Headquartered in Bochum, Germany, the division employs about 7,300 people worldwide and generated revenues of €1.5 billion in 2013.
Within the framework of its GEA 2020 group strategy, GEA had decided to more strongly focus its portfolio to further strengthen its position as leading system provider for the food industry and other exacting process industries. With the divestment of the Heat Exchangers segment, GEA increases its food processing technology share to over 70 percent of group revenue.
Triton is a private equity investment firm investing in medium-sized businesses in Northern Europe.