MacLean Power Systems announced that it has completed its merger with Power Grid Components, bringing together two manufacturers of engineered equipment used across electrical transmission, distribution, substation, and communications infrastructure.
The combined company will operate under the MacLean Power Systems name and aims to expand its capabilities to support the construction, maintenance, repair, and modernization of critical grid infrastructure.
Funds affiliated with Blackstone Energy Transition Partners and Blackstone’s flagship private equity strategy have become the majority owner of the combined company. As part of the transaction, an affiliate of Centerbridge Partners is making a new investment into the platform. Financial terms of the merger were not disclosed.
The combined business will integrate Power Grid Components’ product portfolio into MacLean Power Systems’ operations. This includes brands such as Allied Bolt, Elliott, ITEC, Meister, Mid-Central, Newell, Royal Switchgear, and Vizimax. The resulting platform is positioned as one of the largest suppliers of highly engineered utility equipment in North America, serving utilities, OEMs, distributors, and other stakeholders across the electrical grid ecosystem.
Alongside the merger, the company announced leadership updates. Steve Scharnhorst will continue as CEO of the combined MacLean Power Systems organization. Mike Plaster, formerly CEO of Power Grid Components, will become president of MacLean Power Systems and oversee commercial and operational activities across the platform.
MacLean Power Systems manufactures engineered products used in the maintenance, repair, upgrade, and construction of electrical transmission, distribution, and substation infrastructure. The company focuses on supplying components and solutions designed to support the reliability and performance of power systems as global energy demand and grid modernization efforts continue to grow.
Power Grid Components has built its business around providing equipment designed to strengthen the resilience and safety of the electrical grid. Through partnerships with utilities and equipment manufacturers, the company has focused on delivering components that help ensure the reliability and capacity of power infrastructure.
Backed by investment from Blackstone and Centerbridge, the newly combined MacLean Power Systems platform intends to scale its capabilities and product offerings as utilities and infrastructure operators continue investing in grid expansion, modernization, and resilience.
KEY QUOTES
“Today is an exciting milestone for MPS and our customers. Bringing together these highly complementary businesses strengthens MPS’ ability to support the construction, maintenance, repair and upgrade of critical grid infrastructure through a comprehensive portfolio of high-quality, customer-driven engineered solutions. We look forward to Leading the Way™to a more resilient grid together as an industry-leading platform.”
Steve Scharnhorst, CEO Of MacLean Power Systems
“MacLean Power is a premier brand in our industry, built on decades of providing reliable, high-quality, essential components for the power grid and adjacent industries. I’m excited to partner closely with Steve and our combined teams as we expand our portfolio and capabilities to continue to best serve our customers across all segments of the electrical grid.”
Mike Plaster, President Of MacLean Power Systems
“MacLean Power plays a vital role in supporting the safety, efficiency, and resiliency of the grid. We are thrilled to partner with Steve, Mike, and the entire team to work on building an even stronger, scaled platform that is well positioned to support rapidly growing electrical infrastructure needs.”
JP Munfa, Senior Managing Director At Blackstone; And Mark Zhu, Managing Director At Blackstone
“We congratulate Steve and the entire MPS team on their outstanding success to date. Centerbridge is excited to reinvest in the combined MacLean Power platform, building on the strong foundation we’ve established together and backed by a proven management team. We look forward to partnering with Blackstone to support the combined company’s next stage of growth as it accelerates its momentum and continues to benefit from powerful secular tailwinds.”
Conor Tochilin, Senior Managing Director At Centerbridge Partners
