Converteam

On 29 March 2011, LBO France, Barclays Private Equity France and Converteam management agreed to sell 90% of the Converteam Group, a world leader in power conversion engineering, to US conglomerate General Electric. Converteam's senior management will retain a 10% stake in the Company for the next 2 to 5 years.

Significant synergies are expected from this combination, and Converteam will become the fourth division of GE Energy, alongside current divisions GE Oil & Gas, GE Power & Water and GE Energy Services.

With over 5,300 staff in 17 countries, Converteam provides power conversion solutions in over 80 countries worldwide. In 2010 sales totalled €1.1bn with a year-end order backlog of €1.2bn. The Company serves specialized sectors as well as its six core markets: Renewables, Oil & Gas and Offshore, Power Generation, Marine, Industry and Services.

Canaccord Genuity acted as advisor to Converteam's shareholders, Barclays Private Equity France, LBO France and the management team.