Steel Partners Holdings Enters Into Agreement for Sale of Subsidiary to Advanced Energy Industries

Steel Partners Holdings L.P, a diversified global holding company, announced that it has entered into an agreement to sell its subsidiary, SL Power Electronics Corporation, to Advanced Energy Industries, Inc.SL Power Electronics Corporation designs, manufactures, and markets power conversion solutions for original equipment manufacturers in the medical, lighting, audio-visual, controls, and industrial sectors. The total consideration for the sale is approximately $144.5 million, subject to purchase price adjustments customary for this type of transaction.

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“We have been involved with SL Power since 1991, and we sincerely appreciate the dedication and hard work of the SL Power employees and management. Advanced Energy is a natural, strategic acquirer for SL Power and will enable SL Power to achieve its full potential.”

The transaction is expected to close in the second quarter of 2022, subject to customary closing conditions.

“This transaction will further strengthen our balance sheet, improve our already strong leverage metrics, and also provide additional flexibility to execute on our long-term strategy and drive profitable growth,” said Executive Chairman Warren Lichtenstein. “We have been involved with SL Power since 1991, and we sincerely appreciate the dedication and hard work of the SL Power employees and management. Advanced Energy is a natural, strategic acquirer for SL Power and will enable SL Power to achieve its full potential.”

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White & Case LLP served as legal counsel to Steel Partners Holdings.

Steel Partners Holdings L.P. is a diversified global holding company that owns and operates businesses and has significant interests in leading companies in various industries, including diversified industrial products, energy, defense, supply chain management and logistics, banking and youth sports.

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