HKW has acquired Electric Equipment & Engineering Co. (EEE), a maker of electrical power distribution products, from the founding Moroni family.
EEE specializes in customized and configured AC and DC power equipment, including switchgear, generator connection boxes, automatic and manual transfer switches, and battery disconnects that are primarily used in backup power systems at data centers and for utility retrofit projects. EEE’s customers include public utilities, private telecom providers, and data center infrastructure contractors.
Source: Electric Equipment & Engineering Co.
Data centers rely on low- and medium-voltage switchgear to distribute and safeguard electrical power, ensuring continuous uptime through redundant, fault-tolerant systems that incorporate equipment such as circuit breakers, automatic and manual transfer switches, switchboards, busbars, power distribution units, and uninterruptible power supplies.
Denver-headquartered EEE was founded in 1922 by the Moroni family and today is led by CEO James Raymond. “HKW shares our mission to provide high quality power solutions to our customers,” said Mr. Raymond. “Their strategic resources and industry expertise will help fuel our growth.”
“EEE continues HKW’s focus on manufacturers of engineered products,” said Laurence Lederer, a partner at HKW. “We’re excited to partner with EEE, building on the history of the company as it embarks on its next phase of growth.”
In recent years, the backup power and data center power equipment markets have experienced steady annual growth of 5 to 7 percent, driven by expanding digital infrastructure and demand for uninterrupted services. Research and Markets valued the global backup power market at more than $12 billion in 2024, with a projected CAGR of 5.5 percent through 2030.
The broader data center power delivery market is estimated at $12 billion in 2024, growing at a 7.5 percent annual clip to reach $25 billion by 2034. Complementing this, the data center power management software and hardware market, which includes power distribution units, uninterruptible power supplies, and switchgear equipment most commonly used within data centers and server rooms, was a $22 billion market in 2024 and is forecasted to exceed $33 billion by 2029, expanding at about 6–9 percent annually. Further, according to McKinsey, global electricity demand is expected to triple by 2050, with strong capital investments for new distribution infrastructure, grid modernization, and renewable energy integration.
In the US, efforts to increase domestic grid gear production are increasing as shown by recent investments by Hitachi Energy and Mitsubishi Electric in Pennsylvania. These efforts aim to reduce reliance on foreign supply chains, address rising transformer costs driven by tariffs on copper, steel, and aluminum, and meet growing demand from data centers and utilities as the US modernizes its energy infrastructure.
The AI-driven surge in data center capacity has caused electric equipment makers such as SchneiderElectric, ABB, and Siemens to scale their power infrastructure divisions, with data center orders becoming a significant revenue stream and now accounting for 15–25 percent of revenues for their electrification units. EEE’s specialization in tailored switchgear, transfer switches, and backup power gear for both new installations and retrofits should allow it to respond sharply to growing demand for its products.
HKW has been very active in 2025. This week, the firm also announced the acquisition of Sepratech Liquid Solutions, a Louisiana-based provider of industrial water and wastewater treatment services such as wastewater clarification, ion exchange, reverse osmosis, sludge de-watering, filter media and resin change-outs, vessel internal replacements, equipment maintenance, and system automation. The company’s services are used by a range of industrial customers across the Gulf Coast region, particularly in sectors such as petrochemicals, refining, and manufacturing.
“Sepratech fits right into HKW’s core strategy of helping grow mission critical engineered solution manufactures and distributers,” said Mr. Lederer. “HKW is assembling a team around new CEO Patrick Troy, which will give Sepratech the opportunity to grow quickly and also providing operating assistance to help the company maintain high quality and customer satisfaction requirements.”
HKW (formerly Hammond, Kennedy, Whitney & Company) invests in North America-based companies in the manufacturing, distribution and business services sectors that have EBITDA between $5 million and $30 million. HKW’s latest fund, HKW Capital Partners VI LP, closed in 2021 with $365 million in committed capital. The firm was founded in 1903 by Paul Hammond and is headquartered in Indianapolis with an additional office in New York City.
Class VI Partners, based in Denver, was the financial advisor to EEE. Debt financing for the transaction was provided by Barings and Siguler Guff.
HKW has acquired Electric Equipment & Engineering Co. (EEE), a maker of electrical power distribution products, from the founding Moroni family.
“EEE continues HKW’s focus on manufacturers of engineered products,” said Laurence Lederer, a partner at HKW. “We’re excited to partner with EEE, building on the history of the company as it embarks on its next phase of growth.”
HKW has been very active in 2025. This week, the firm also announced the acquisition of 
