Global private equity company Advent International has signed a definitive agreement to acquire the Distributed Power business of General Electric (GE) for $3.25bn.

Under the deal, Advent will acquire Distributed Power’s Jenbacher and Waukesha engines, as well as manufacturing sites in Austria, Canada and the US.

Distributed Power is engaged in the production of reciprocating gas engines, power equipment and services focused on power generation and gas compression at or near the point of use.

Its product portfolio includes fuel-flexible, industrial gas engines generating between 200kW and 10MW of power for various industries worldwide.

Distributed Power president Carlos Lange said: “Our Jenbacher and Waukesha brands and engines are recognised all over the world for their performance and reliability, and Advent’s deep sector expertise will allow us to further strengthen our capabilities for the benefit of our worldwide customers.

“Advent will help accelerate our growth as we continue to execute on our priorities.”

“Advent will help accelerate our growth as we continue to execute on our priorities.”

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Established in 1984, Advent has invested in more than 335 private equity transactions in 41 countries.

The company intends to support the Distributed Power business in expanding its market position and establishing a strong standalone entity.

Advent International managing partner Ranjan Sen said: “Distributed Power is a terrific asset with highly regarded engines that are the go-to OEM for the efficient generation of electrical power and heat, as well as gas compression.

“We plan to invest substantially in critical areas such as the product portfolio, service network and digitisation to support Distributed Power in sustainably strengthening its market position.”

Subject to customary closing conditions and regulatory approvals, the transaction is expected to be completed by the fourth quarter of this year.