electric power services

IGP Acquires Electric Power Systems

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Industrial Growth Partners, in partnership with management, has acquired Electric Power Systems International (EPS).

EPS is a provider of outsourced electrical engineering, testing, repair and maintenance services. The company specializes in electrical substations equipment including protective relay and control systems, breakers, transformers, batteries and switchgear.

EPS customers include companies active in the utility, industrial, transit, data centers, and commercial markets. The company, led by CEO Steve Reed, was founded in 1977 and has more than 30 offices across the US with a headquarters in St. Louis (www.epsii.com).

“We are excited to partner with IGP as we continue to grow and strengthen our business,” said Mr. Reed. “IGP specializes in supporting industry-leading companies such as EPS. Their expertise and long track record of partnership makes them the right partner as we move into the next stage of our growth.”

San Francisco-based IGP invests in niche manufacturers and industrial services businesses that have histories of profitability and revenues of up to $250 million (www.igpequity.com).

The buy of EPS is the sixth platform investment for IGP’s fifth fund, Industrial Growth Partners V LP, which closed in May 2016 with $800 million of committed capital.

© 2018 Private Equity Professional | November 14, 2018

Mason Wells Acquires 3C Electrical

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CE Power Solutions, a portfolio company of Mason Wells, has acquired 3C Electrical Company, a provider of engineering, testing, and commissioning services for low, medium, and high voltage systems.  CE Power was acquired by Mason Wells in May 2015.

3C Electrical’s customers include power generation, industrial, and commercial facilities located in the Northeast, including New England, New York, New Jersey and the surrounding areas.  The company was founded in 1971 by three brothers – Giulio, Angelo and Frederick Cialdea (the “3C’s”) – to service, install and maintain electrical power distribution equipment. Today, the company is led by second generation owner and CEO Jim Cialdea. 3C Electrical is headquartered west of Boston in Westborough, MA (www.three-c.com).

CE Power provides electrical power engineering, testing, and maintenance services to utility power plants, alternative energy facilities, transmission & distribution substations, industrial facilities, and institutional facilities. The company’s core focus is on power systems operating in the 480 volt through 765 kilovolt range.  CE Power is led by CEO Bill McCloy and is headquartered in Cincinnati (www.cepower.net).

Mason Wells makes investments in Midwest-based companies with revenues of $25 million to $300 million and EBITDAs of $5 million to $30 million. Sectors of interest include consumer packaged goods; packaging materials and converting; outsourced business services; and engineered products and services.  In February 2016, Mason Wells held a final closing of Mason Wells Buyout Fund IV and its related Executive Buyout Fund IV with total commitments of $615 million.  Mason Wells was founded in 1982 and is based in Milwaukee (www.masonwells.com).

© 2016 Private Equity Professional • 6-8-16