One of the largest suppliers of components and systems to the commercial cooking, refrigeration and dishwashing sectors is to be rebranded after it was sold to a private equity firm for £150m.
UK-based Invensys Appliance was part of French industrial giant Schneider Electric, but the company has palmed the business off to Sun European Partners after deeming it surplus to requirements.
The new owners, which are based in London, will rebrand the business Robertshaw Controls Company.
In its last financial year, the division recorded an operating profit before exceptional items of £8m on revenues of £331m, but Schneider Electric said the sale would enable it to focus on its industrial automation, software and energy control units instead.
“The disposal follows a strategic review of the Appliance division that concluded the unit is not a core business to Schneider Electric,” the company said in a statement.
Invensys Appliance makes parts that control the operation of both commercial and domestic cooking, refrigeration, laundry and washing systems.