Partnership will enable leading manufacturer of grid infrastructure products to continue to invest in growth
FORT MILL, S.C., Oct. 12, 2022 /PRNewswire/ — MacLean Power, LLC (“MacLean Power Systems”, “MPS”, or the “Company”), a leading manufacturer of products for transmission, distribution, substation, and communications infrastructure, today announced it has received a majority equity investment from funds advised by Centerbridge Partners, L.P. (“Centerbridge”), a leading private investment firm. The Company’s previous majority owner, MacLean-Fogg Holdings, L.L.C. (“MacLean-Fogg” or “MFC”), will continue to hold a minority ownership position in MPS following the transaction. Steve Scharnhorst will continue to serve as CEO of MPS.
MacLean Power Systems provides a comprehensive offering of engineered products, including poleline hardware, insulators, arrestors, connectors, anchors, cross-arms, and other related products. Across MPS’s utility and communications end markets, the MacLean Power Systems brand has become synonymous with quality and reliability since the Company’s founding in 1986. The Company operates in the United States, Canada, South America, Asia, and Europe with sales offices throughout the world.
Barry L. MacLean, Chairman of MFC, commented, “MPS’s management team has done an excellent job positioning the Company for growth across multiple markets, and we are pleased to align ourselves with a strong capital partner whose culture and goals align with the MacLean family. The investment from Centerbridge will allow MacLean-Fogg to continue to invest in strategic products in our remaining business lines and expand its product offering to meet our customers’ needs more effectively.”
Steve Scharnhorst, CEO of MPS, added, “We are thrilled to have Centerbridge as our partner for our next phase of growth. I would like to thank Barry MacLean for his vision and support for MPS since MFC’s initial investment in MPS in 1986.”
“MacLean Power Systems is a market leader in highly attractive categories and is well positioned to benefit from powerful secular tailwinds driving investment in the North American electrical grid and communications infrastructure. We look forward to supporting the Company’s growth and its strategic initiatives,” said Steven M. Silver, Global Co-Head of Private Equity and Senior Managing Director at Centerbridge.
“MacLean Power Systems provides mission-critical products for modernizing and hardening our country’s electrical grid, creating the infrastructure for the continued build-out of renewable power generation, and supporting the transition to a green economy. We are excited to partner with a business and management team of this caliber at such an exciting time for the sector,” added Conor Tochilin, Managing Director at Centerbridge.
Lincoln International LLC served as financial advisor to MacLean-Fogg and MacLean Power Systems on the transaction, and Winston & Strawn LLP served as legal counsel to MFC and MPS. Wells Fargo Securities, LLC served as financial advisor to Centerbridge, and Kirkland & Ellis served as legal counsel to Centerbridge.
MacLean Power Systems is a leading manufacturer of engineered products used in the maintenance, repair, upgrade, and construction of transmission, distribution, substation, and communications infrastructure. We are dedicated to keeping power infrastructure performing optimally by supplying world-class products and programs to fulfill the needs of customers who maintain electrical services to consumers worldwide. The Company operates in the United States, Canada, South America, Asia, and Europe with sales offices throughout the world. Learn more at www.macleanpower.com.
Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines—from private equity to credit and related strategies, and real estate—in an effort to find the most attractive opportunities for our investors. The Firm was founded in 2005 and as of August 31, 2022 has approximately $34 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies. For more information, please visit www.centerbridge.com.
MacLean-Fogg is a leading manufacturer of fastener components, engineered components, and engineered plastics for automotive, heavy truck, and other diverse industries. Learn more at www.macleanfogg.com.
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SOURCE MacLean Power, LLC