Graycliff’s Fourth Fund Closes Fourth Platform

Graycliff Partners has acquired Electro-Mechanical Corporation (EMC), a maker of electrical equipment sold to the utility and industrial markets.

EMC manufactures medium voltage electrical equipment including switchgears and transformers that are sold under the Federal Pacific and Line Power brands to include electrical utilities, renewable energy generators, mining operators, and general industrial users of power. Family-owned EMC was founded in 1958 by Frank Leonard and is headquartered in Bristol, Virginia.

“EMC has an impressive history and strong reputation as a key player in electrical power distribution infrastructure. We are excited to honor the legacy of Frank Leonard and continue to drive growth at EMC alongside Howard and his team,” said Andrew Trigg, a managing partner at Graycliff.

“The EMC team is very excited to partner with Graycliff for this next chapter in the company’s history,” said Howard Broadfoot, EMC’s CEO. “EMC has established itself as a trusted partner in the electrical distribution business, and we are excited to leverage Graycliff’s guidance and resources to further grow the company in the years to come.”

The acquisition of EMC is the fourth platform investment for Graycliff’s fourth private equity fund, Graycliff Private Equity Partners IV LP, which closed at its $350 million hard cap in December 2019.

Graycliff’s three earlier buys were Gold Tech Industries, an Arizona-based provider of metal finishing and plating services, in July 2021; Ballymore, a Pennsylvania-based manufacturer of electric lifts, ladders, work platforms, and portable loading docks, in February 2021; and Gerard Daniel Worldwide, a Pennsylvania-based manufacturer of wire mesh products used in filtration, sound suppression, and heat dispersion applications, in August 2020.

New York City-based Graycliff invests from $10 million to $50 million of control equity in companies with revenues of $10 million to $200 million and EBITDA of $4 million to $20 million. Sectors of interest include niche manufacturing, business services, and value-added distribution. The firm was formed in December 2011 by the former investment team of HSBC Capital.

© 2021 Private Equity Professional | September 24, 2021