MacLean Power Systems and Power Grid Components Merge to Offer Broad Portfolio of Utility Products

MacLean Power Systems (MPS) and Power Grid Components (PGC), two manufacturers of engineered components and solutions for electrical transmission, distribution, substation and communication infrastructure, signed signing of definitive agreements to merge and recapitalize MPS.

According to the press release, the combined MPS/PGC will create a platform to serve U.S. utilities in an era of unprecedented demand due to growing power consumption, electrification, aging infrastructure, grid hardening trends and an evolving power supply.
 
Founded in 1986, MacLean Power Systems is a provider of engineered solutions for utility and telecom operators involved with  the construction, maintenance, repair and upgrade of critical electrical transmission and distribution and communications infrastructure. The company’s portfolio includes switches, pole line hardware, insulators, arresters, connectors, anchors, crossarms and related components.

PGC was formed in 2017 to grow businesses that supply products used in the North American electrical power grid and adjacent industries. PGC’s current portfolio includes high-voltage disconnect switchgear (Royal); porcelain, composite and glass insulators (Newell and Meister); instrument transformers (ITEC); outside plant hardware (Allied Bolt); controlled switching devices (Vizimax); pad-mounted power distribution products (Elliott); and fixed-load transformers (Mid-Central Electric). PGC’s customers include many of the nation’s largest utilities, original equipment manufacturers, telecommunications companies, packagers, and distributors.
 
The combined MPS/PGC portfolio is promoted as one of the largest suppliers of highly-engineered utility equipment in North America, offering customers a comprehensive portfolio of critical solutions for transmission, distribution, substation, and communication infrastructure. Management at both MPS and PGC are planning to remain in place post-closing to drive the next phase of growth together.
 

Mike Plaster, PGC’s CEO and a well-known electrical market exec from his years at ABB, said in the press release, “MacLean Power Systems is a premier brand in our industry, built on decades of providing reliable, high-quality, essential components for the power grid and adjacent industries. MPS’s comprehensive product portfolio is highly complementary to PGC’s solutions offerings, and MPS’s customer service-driven culture and values are consistent with those of PGC. Together, we will be able to serve our customers better in all segments of the electrical grid.”

Pursuant to the transaction, PGC’s existing financial sponsor, funds affiliated with Blackstone Energy Transition Partners and Blackstone’s flagship private equity strategy will become the majority owner of the combined company, acquiring ownership interests in MPS currently held by Centerbridge.