MacLean Power Systems and Blackstone’s Power Grid Components to merge

MacLean Power Systems and Power Grid Components, two manufacturers of engineered components and solutions for electrical transmission, distribution, substation and communication infrastructure, announced the signing of definitive agreements to merge and recapitalize MPS. Pursuant to the transaction, PGC’s existing financial sponsor, funds affiliated with Blackstone Energy Transition Partners and Blackstone’s flagship private equity strategy (BX), will become the majority owner of the combined company, acquiring ownership interests in MPS currently held by Centerbridge Partners. “The combined MPS / PGC will create a unique platform serving 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,” Blackstone stated. JP Munfa, Senior Managing Director, and Mark Zhu, Managing Director, at Blackstone said: “MacLean Power Systems plays a vital role in supporting the safety, efficiency, and resiliency of the grid. We are excited to partner with a business and management team of this caliber at such an exciting time for the sector. Together with PGC, we look forward to accelerating MPS’s continued growth as an innovative and trusted platform supporting rapidly growing global electrical infrastructure needs.”