Flex has entered into a definitive agreement to acquire EPC Power for $4.4 billion, adding power conversion technology for data centers, utility-scale energy storage and microgrids to its Cloud and Power Infrastructure business.
The transaction is expected to close during the fourth quarter of 2026, subject to regulatory approvals and other customary closing conditions.
Following completion, EPC Power will operate within Flex’s Cloud and Power Infrastructure segment.
EPC Power develops high-performance, software-defined power conversion systems designed for mission-critical infrastructure.
Its next-generation 800-volt data center architecture, including digital rectifiers and solid-state transformers, is designed to support more efficient power delivery for increasingly dense AI infrastructure.
The acquisition is expected to broaden Flex’s power and thermal management portfolio and create a more integrated grid-to-chip offering for data center customers.
EPC Power also develops Agile Grid Forming technology supporting energy storage, microgrids and grid-support configurations that can help data center operators manage rapid swings in electricity demand and improve speed-to-power.
During the past four years, EPC Power has expanded its U.S. manufacturing footprint nearly tenfold as demand has increased across AI computing, data centers and grid modernization.
Goldman Sachs Alternatives and Cleanhill Partners are controlling shareholders of EPC Power.
Goldman Sachs and J.P. Morgan are serving as financial advisors to EPC Power and its controlling shareholders, while Vinson & Elkins is serving as legal counsel.
The source is a corrected version of the September 3 announcement. EPC Power said the correction updates the Cleanhill Partners boilerplate.
KEY QUOTES:
“What we accomplished over the last four years demonstrates the power of strong partnerships and a shared commitment to innovation. Together with Goldman Sachs Alternatives and Cleanhill Partners, EPC Power emerged as a U.S. technology leader in power conversion solutions that enable the next generation of data centers, AI computing, and grid modernization. We expanded our domestic manufacturing footprint nearly tenfold, strengthening America’s industrial base and reinforcing the critical role of U.S. innovation in powering the future economy. This is only the beginning of what EPC Power can accomplish.”
Jim Fusaro, Chief Executive Officer of EPC Power
“This is a landmark moment for EPC Power and every colleague who helped build this company. When we founded EPC Power, we set out to solve the hardest problems in power electronics, and our partnership with Goldman Sachs Alternatives and Cleanhill Partners enabled us to solve those problems for mission-critical infrastructure globally.”
Devin Dilley, Co-Founder, President and Chief Innovation Officer of EPC Power
“We are immensely proud of our partnership with Jim, Devin and the EPC Power team that saw the company launch new product platforms, increase domestic U.S. manufacturing and partner with customers to solve novel challenges in AI power architecture. EPC Power plays a critical role in supporting grid reliability and speed to power during a period of growing concerns around energy security. We wish Flex and the EPC team continued success during their stage of growth.”
Alexander Mass, Global Co-Head of Energy Transition Investing Within Private Equity at Goldman Sachs Alternatives
“As grid resilience and data center power demand have converged into one of the defining challenges of the next decade, it has been a privilege to support EPC Power’s operational and commercial scale-up into a global platform positioned at the center of those megatrends.”
Eddie Sigman, Investor Within Private Equity at Goldman Sachs Alternatives
“We first invested in EPC Power in 2021 because we believed power conversion would become a critical enabling technology as renewable generation, grid modernization and digital infrastructure converged. That conviction came well before the extraordinary growth in power demand driven by AI. Since then, we have had the privilege of working closely with Jim, Devin and the EPC team as the company grew, expanded its U.S. manufacturing footprint and created high-quality jobs in the U.S. We are proud to have supported EPC from an early stage and, in its next phase, alongside Goldman Sachs Alternatives as the business entered a new period of growth. Seeing what the team has built over the past five years has been incredibly rewarding, and we believe Flex is the right partner for EPC’s next chapter.”
Ash Upadhyaya and Rakesh Wilson, Managing Partners at Cleanhill Partners
