Platinum Equity Completes Sale of Artesyn’s Embedded Power Business to Advanced Energy

LOS ANGELES (September 10, 2019) – Platinum Equity announced today that the sale of the Embedded Power business of portfolio company Artesyn Embedded Technologies, Inc. to Advanced Energy Industries, Inc. (Nasdaq: AEIS) has been completed. The transaction is valued at approximately $400 million.

The Embedded Power business is a leading global supplier and manufacturer of highly engineered power conversion products, including AC-DC power supplies, DC input devices and board mounted DC-DC modules.

Artesyn Embedded Technologies has been a portfolio company of Platinum Equity since 2013.

The sale only involved Artesyn’s Embedded Power business, which includes the Artesyn and Astec brands. In July, Artesyn’s Embedded Computing business was sold to SMART Global Holdings, Inc. (NASDAQ: SGH). Artesyn’s Consumer products business remains part of Platinum Equity’s portfolio.

The Embedded Power business is one of the world’s largest providers of highly engineered, application-specific power supplies for demanding applications. As a trusted technology partner to original equipment manufacturers, it serves multiple attractive growth markets, including hyperscale data centers, telecom infrastructure in next generation 5G networks, embedded industrial power applications and medical power for diagnostic and treatment applications.

JP Morgan served as primary financial advisor to Artesyn on the sale of the Embedded Power business. Morgan Stanley also provided financial advisory services to the company. Morgan, Lewis & Bockius LLP and Baker & McKenzie LLP served as Artesyn’s legal counsel on the transaction.

About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $13 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 24 years Platinum Equity has completed more than 250 acquisitions.