Systems Control, a designer and manufacturer of control panels and electrical substation equipment enclosures, has been acquired by Comvest Partners.
Systems Control manufactures equipment enclosures and control and relay panels used in electrical transmission and distribution substations across North America. The company was founded in 1962 and is headquartered in the Upper Peninsula city of Iron Mountain, MI (www.systemscontrol.com).
With the transaction now closed, David Brule, Sr., the former majority shareholder of Systems Control, will remain on the board of directors of the company and CEO Brad Lebouef and the rest of the management team will continue with the company in their existing roles. “This transaction is a milestone for Systems Control,” said Mr. Lebouef. “We have seen tremendous growth in our business over the years and we look forward to working with the Comvest team as we continue to grow as an organization and serve the North American electric utility industry from our headquarters in Iron Mountain.”
“Systems Control has an outstanding reputation in the electric utility industry,” said Lee Bryan, Partner at Comvest. “We admire the leadership of the company in building a respected business with a culture of operational excellence and we look forward to partnering with the company’s management and employees to support the continued growth and commitment to serving its customers.”
Comvest provides debt and equity to middle-market companies. For debt investments, the firm will invest from $10 million to $50 million per transaction in companies with at least $15 million of revenue and EBITDA of at least $3 million. For equity investments, the firm will invest from $35 million to $125 million of equity per transaction in companies with $50 million to $1 billion of revenue that have positive or negative EBITDA. Comvest is based in West Palm Beach with additional offices in Chicago, New York, and Los Angeles (www.comvest.com).
Baltimore-based investment bank DCS Advisory (www.dcsadvisory.com) was the financial advisor to Systems Control.
© 2018 Private Equity Professional | March 29, 2018
