Key Takeaways
- • Goldman Sachs Asset Management has agreed to acquire Brisbane-based electrical equipment manufacturer NOJA Power for approximately $1 billion, concluding a competitive sale process involving private equity heavyweights Blackstone and GE Vernova.
- • The transaction is led locally by Goldman Sachs Asset Management head David Grayce and is expected to be signed by mid-June 2026, following a protracted bidding process.
- • NOJA Power attracted interest from multiple strategic and financial buyers, signaling strong market demand for the Australian electrical equipment sector and highlighting the company's asset value in the energy infrastructure space.
- • Ellerston Capital holds a significant minority stake in NOJA Power, which will be addressed as part of the overall transaction structure.
Summary
Goldman Sachs Asset Management has emerged as the winning bidder for NOJA Power, a Brisbane-based electrical equipment manufacturer, in a $1 billion acquisition that concludes a lengthy competitive sale process. According to people with knowledge of the transaction, Goldman Sachs Asset Management, headed locally by David Grayce, has agreed to purchase the company, with the deal expected to be finalized by mid-June 2026.
The sale process attracted significant interest from major international buyers, including private equity giant Blackstone and New York-listed GE Vernova, underscoring strong demand for high-quality electrical equipment manufacturers operating in critical infrastructure sectors. The protracted nature of the auction suggests robust competition and valuation confidence among sophisticated acquirers evaluating the asset.
Ellerston Capital maintains a significant minority stake in NOJA Power, a position that will be incorporated into the overall transaction framework. The involvement of multiple institutional investors and the extended timeline reflects the complexity and strategic importance of the transaction to the various parties involved.
The deal represents a notable play for Goldman Sachs Asset Management in the Australian industrial and infrastructure equipment sector, demonstrating the firm's long-term commitment to acquiring established manufacturers with stable cash flows and market positions in essential infrastructure verticals.
The sale process attracted significant interest from major international buyers, including private equity giant Blackstone and New York-listed GE Vernova, underscoring strong demand for high-quality electrical equipment manufacturers operating in critical infrastructure sectors. The protracted nature of the auction suggests robust competition and valuation confidence among sophisticated acquirers evaluating the asset.
Ellerston Capital maintains a significant minority stake in NOJA Power, a position that will be incorporated into the overall transaction framework. The involvement of multiple institutional investors and the extended timeline reflects the complexity and strategic importance of the transaction to the various parties involved.
The deal represents a notable play for Goldman Sachs Asset Management in the Australian industrial and infrastructure equipment sector, demonstrating the firm's long-term commitment to acquiring established manufacturers with stable cash flows and market positions in essential infrastructure verticals.
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