Aclara to Acquire a Majority Interest in General Electric Philippines Meter & Instrument Company, a Joint Venture Company with Manila Electric Company
Acquisition Furthers Aclara Strategy of Targeted International Expansion by Providing Smart Infrastructure Solutions to ASEAN and APAC Customers
ST. LOUIS, Aug. 2, 2017 /PRNewswire/ -- Aclara, a leading supplier of smart infrastructure solutions (SIS) to electric, gas and water utilities worldwide, has acquired GE's majority equity position in General Electric Philippines Meter & Instrument Co., Inc. (GEPMICI), the market leader for electric meters in the Philippines. GEPMICI is a joint venture between GE and Manila Electric Company (Meralco), the largest electric distribution company in the Philippines.
As a result of the acquisition, Aclara will own a majority equity position in GEPMICI, which has offices in Taguig City, Metro Manila, the Philippines, and also supplies electric solutions in other ASEAN member countries and Japan. Meralco, which will maintain its current equity position in GEPMICI, serves over 6 million customers and covers 36 cities and 75 municipalities, including metropolitan Manila.
The acquisition of GEPMICI is an important part of Aclara's global strategy because the Philippines, as well as other ASEAN and APAC countries, are key markets for Aclara's continued international expansion.
"Holding a majority equity position in this joint venture enhances our global market leadership, as it is the gateway to expanding our international footprint into the growing ASEAN and APAC markets. This development further strengthens our ability to offer next generation smart meters through our broad meter portfolio," said Allan Connolly, president and CEO of Aclara.
"We look forward to bringing decades of technical expertise to a growing market that is beginning to embrace the benefits of smart meters and next generation Smart Infrastructure Solutions," added Connolly.
Aclara's expansion of its international business began with the 2015 acquisition of the electric meters business operating within GE Power's Grid Solutions subdivision as well as its 2016 acquisition of Tollgrade Communications Inc.'s smart grid sensor solution, the grid monitoring platform. The company also has recently opened offices in Bilbao, Spain and Cambridge, UK.
About Aclara
Aclara, an affiliate of Sun Capital Partners, Inc., is a world-class supplier of smart infrastructure solutions (SIS) and services to more than 800 water, gas, and electric utilities globally. Aclara SIS offerings include smart meters and other field devices, advanced metering infrastructure and software and services that enable utilities to predict and respond to conditions, leverage their distribution networks effectively and engage with their customers. Meter Reading Holdings LLC operates three sister companies, Aclara Technologies, Aclara Meters, and Smart Grid Solutions collectively referred as Aclara. Aclara won a Frost & Sullivan Global Smart Energy Networks Enabling Technology Leadership Award in 2017 and was named a finalist in three categories of the Platts Global Energy Awards in 2016. Visit us at Aclara.com, follow us on Twitter @AclaraSolutions or read our blog.
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a global private equity firm focused on identifying companies' untapped potential and leveraging its deep operational and financial resources to transform results. Sun Capital is a trusted partner that is recognized for its investment and operational experience, including particular expertise in the consumer products and services, food and beverage, industrial, packaging, chemicals, building products, automotive, restaurant and retail sectors. Since 1995, Sun Capital has invested in over 345 companies worldwide across a broad range of industries and transaction structures with sales in excess of $45 billion.
SOURCE Aclara
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