Barclays Private Equity France makes its fifth exit of the year following the acquisition of Martek Power by Cooper Industries

Barclays Private Equity France (‘BPE France’) announces the sale of its stake in Martek Power Group (‘Martek’ or ‘the Company’), the switching and linear power supplies designer and manufacturer, to Cooper Industries for €130m.  

Founded in 1987 by Marcel Katz, the Martek Power group is today one of the world leaders in energy conversion.  With over 40 years’ experience, the 170 engineers in the group bring a unique expertise to the design and production of energy converters for markets as demanding as aeronautics, defence, rail, the telecom industries and medicine.  This ability to adapt to the specific needs of its clients has made Martek Power the French specialist in custom products and number three in the world for standard military products.

In January 2008, Barclays Private Equity joined forces with Martek’s founder when two non-operational family shareholders realised their stake.  Since 2008 the Company has pursued an ambitious expansion plan in Europe and in the USA with the add-on acquisitions of three companies, the most recent of which, Laser Drive in the USA, was completed in July 2010.  The group also profits from the strong development of the hybrid electric vehicle after the investment of the Research and Development branch of the French subsidiary.

Marcel Katz, founder and chairman of Martek Power says: "Since January 2008, Barclays Private Equity has supported our development project with enthusiasm and professionalism and has supported our acquisitions as well as our strong industrial investments and R&D.  Cooper Bussmann’s acquisition of the Company, from the point of view of its geographical and technological complementarity, offers prospects for further growth due to potentially significant commercial synergies, particularly in the truck, hybrid electric vehicle and rail markets".

Guillaume Jacqueau, Managing Director of Barclays Private Equity France, adds: "Martek Power has completed a remarkable journey in recent years, notably succeeding in strengthening its market positions thanks to three acquisitions made in France and in the USA.  We are very pleased and proud to have been shareholders in the group, alongside a particularly competent and motivated management team".

This sale is the fifth in a very busy year for BPE France which has successfully realised its investments in Aerocan, Converteam, Karavel-Promovacances and Webhelp. BPE France has also completed the refinancing of FPEE and acquired Coventya this year.