MacLean Power Systems, headquartered in Fort Mill, South Carolina, and Power Grid Components, two leading manufacturers of engineered components and solutions for electrical transmission, distribution, substation and communication infrastructure, announced the closing of their previously announced merger.
Funds affiliated with Blackstone Energy Transition Partners and Blackstone's flagship private equity strategy have become the majority owner of the combined company.
In connection with the transaction, an affiliate of Centerbridge Partners, will make a new investment into the combined company.
The platform – one of the largest suppliers of highly-engineered utility equipment in North America – will move forward as one entity under the MacLean Power Systems name.
Following the transaction, PGC's portfolio of products, including Allied Bolt, Elliott, ITEC, Meister, Mid-Central, Newell, Royal Switchgear and Vizimax, will become part of the MacLean Power Systems family.
Alongside the completed merger, MPS announced leadership updates as it moves into its next phase of growth.
Steve Scharnhorst, current CEO of MacLean Power Systems, will lead the combined company. Mike Plaster will transition from CEO of Power Grid Components to president of MacLean Power Systems, leading all commercial and operational activities across the platform.
Terms of the transaction weren’t disclosed.
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