MacLean Power, LLC (MPS), a manufacturer of products for transmission, distribution, substation, and communications infrastructure, announced it has received a majority equity investment from funds advised by Centerbridge Partners, L.P., a private investment firm.
The company’s previous majority owner, MacLean-Fogg Holdings, L.L.C. (MFC), will continue to hold a minority ownership position in MPS following the transaction. MacLean-Fogg is a manufacturer of fastener components, engineered components, and engineered plastics for automotive, heavy truck and other diverse industries. Steve Scharnhorst will continue to serve as CEO of MPS.
MPS provides a comprehensive offering of engineered products, including poleline hardware, insulators, arrestors, connectors, anchors, cross-arms, and other related products. Across its utility and communications end markets, the MacLean Power Systems brand has become synonymous with quality and reliability since founding in 1986. It operates in the U.S, Canada, South America, Asia, and Europe with sales offices throughout the world.
“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,” said Barry L. MacLean, MFC chairman. “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.”
“We look forward to supporting the company’s growth and its strategic initiatives,” added Steven M. Silver, global co-head of Private Equity and Senior 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.
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