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Luxembourg (Luxembourg), 06 June 2024 – Funds advised by Triton ("Triton") have signed an agreement to sell SEVES Group S.à r.l.the parent company of SEDIVER Group ("SEDIVER" or "the company"), a provider of specialised electrical glass insulator solutions for the high-voltage transmission grid, to Blackstone. The terms of the transaction, which marks Triton's complete divestment from the SEVES Group, are not disclosed.

As the world's leading manufacturer of toughened glass insulators, SEDIVER supplies a mission-critical element of the electric transmission grid. The company supports the energy transition by enabling the reliable and sustainable transmission of electricity, while facilitating the global electrification megatrend. SEDIVER´s products are critical to the modernisation of the electrical grid in developed economies, while powering the new build-out of grid systems in emerging markets around the world.

SEDIVER was acquired by Triton as a part of SEVES Group, which also included PPC insulators (divested 2021) and Vitrablock (divested 2018). Since that time Triton has accelerated SEDIVER's growth by supporting its geographical expansion into the US market, strengthening its leadership and its governance and compliance procedures, and helping management to carry out a comprehensive improvement of the company's manufacturing footprint. Triton has also invested in value adding digital capabilities that established the company as a pioneer in "Smart Grid" technology.

Joakim Olsson, Operating Partner at Triton and Chairman of SEVES Group said: "SEDIVER is today well positioned in a market that benefits from the need for increased electrification and the energy transition. Just like in the other companies within SEVES Group, Triton has driven a major transformation agenda that involved enhancing its management team, improving its procedures and footprint, and investing in digital capabilities. With this last successful transaction, we close our investment in the group and are thankful to management and employees for all their hard work."

Juergen Pinker, Senior Managing Director at Blackstone, said: "SEDIVER has successfully built on its innovative heritage to become a truly global brand within the power grid supply chain. As a leading investor in the energy transition, we prioritise partnering with companies with strong, capable management teams, and work to help them fully capitalise on the growth opportunities available. We look forward to supporting Erik and the wider team in the next phase of its journey."

Erik Göthlin, CEO of SEDIVER, added: "Together with Triton, we have moved SEDIVER into a future-proofed company at the helm of a megatrend. I wish to thank everyone involved for their strong partnership and support. Looking forward, the entire executive team of SEDIVER is thrilled about the partnership with Blackstone. We will have a terrific opportunity to capitalise on the strong demand growth for our solutions, and with Blackstone's backing, we are well placed to make the necessary investments to increase our capacity and serve our utility customers and partners across the globe."

Lincoln International is acting as financial advisor to SEVES Group and Triton. Citi is acting as financial advisor to Blackstone.

With the signing of this exit, Triton has now announced six realisations - returning an aggregate EUR 2.3bn - across its private equity funds within the last six months. The other announced realisations are Ambea, Bormioli Pharma, EQOS, RENK and Norstat.

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