Mill Point Capital Forms Voltaris Power LLC Through Two Power Solutions Corporate Carve-Outs
NEW YORK–(BUSINESS WIRE)–Mill Point Capital LLC (“Mill Point”), a middle-market private equity firm focused on control investments in the Business Services, Industrials and IT Services sectors throughout North America, announced the formation of Voltaris Power LLC (“Voltaris”), an electrical power solutions platform created by acquiring two distinct entities – Pioneer Custom Electrical Products (“PCEP”) and Jefferson Electric (“Jefferson”). Including the two carve-outs that form Voltaris, Mill Point has completed 16 corporate divestitures, reflecting the firm’s expertise and experience in executing complex transactions.
Voltaris will focus on providing custom engineered solutions and electrical products such as low- and medium-voltage switchgear, transformers, unit substations and automatic transfer switches, catering to a diverse global market. The combined product expertise and sales platforms of both businesses should give Voltaris a strategic marketing advantage, enabling the company to offer its high-quality power solutions to an even wider network of global industrial and commercial users.
“We are thrilled to announce the creation of Voltaris through the merger of two distinct corporate carve-out transactions, both from parties with whom we have successfully transacted in the past,” said Mark Paolano, Partner at Mill Point. “Our partnership with experienced executives, including Justin Smith, Tom Klink and David Dolan, in our view will accelerate our transformation of Voltaris into a leading power solutions platform primed to capitalize on robust industry tailwinds.”
“We are excited to bring these businesses together as Voltaris as it positions us for significant growth in the electrical infrastructure market, especially in the rapidly growing electric vehicle charging, microgrid and data center segments. The leadership team of the combined business has deep industry expertise and experience that is expected to drive significant value for all stakeholders,” added Justin Smith, Mill Point Executive Partner and Executive Chairman of the Board of Voltaris.
Voltaris Power LLC Acquires Pioneer Custom Electrical Products from Pioneer Power Solutions
Pioneer Custom Electrical Products is a leader in the design, manufacture and integration of electrical switchgear and grid solutions. With expertise in low- and medium-voltage switchgear, integrated power centers and packaged sub stations, PCEP operates from its 40,000-square-foot facility in Santa Fe Springs, California. PCEP is known for its quick turnaround and custom-designed electrical solutions, including its differentiated E-Bloc system that serves as a solution for microgrid applications, electric vehicle charging platforms, solar development and distributed generation.
“We are thrilled to combine our business with Jefferson as part of the Voltaris platform and continue expanding our product offerings to an even broader network of customers,” commented Nathan Mazurek, CEO of Pioneer Power Solutions and Board Member of Voltaris.
“We believe that this acquisition positions Voltaris for accelerated growth in strategic segments, and will result in significant operational synergies,” added Antony Besso, Partner, Operations at Mill Point.
Voltaris Power LLC Acquires Jefferson Electric from ERMCO
Jefferson Electric is a trusted transformer manufacturer with a century-long reputation for producing reliable and efficient dry-type, low- and medium-voltage transformers for various applications and end markets including commercial, industrial, data centers, elevators and others. From 2019 to 2022, it was part of Spire Power Solutions, under the ownership of Mill Point, until its sale to Electric Research and Manufacturing Cooperative, Inc. (“ERMCO”). Jefferson’s deep industry roots and focus on quality make it a valuable addition to Voltaris.
“Jefferson Electric has been a cornerstone in the transformer industry for over 100 years, and as a part of Voltaris, it will continue to thrive,” said Tom Klink, Vice Chairman of the Board of Voltaris. “We look forward to building on its legacy.”
Brandon Sarno, Vice President at Mill Point, commented, “The addition of Jefferson Electric solidifies the position of Voltaris as a comprehensive provider of electrical solutions for both industrial and commercial applications, enhancing the company’s presence in the electrical power solutions market and positioning it for continued innovation and growth.”
About Voltaris Power LLC
Voltaris Power LLC is a leading provider of power solutions, offering a comprehensive range of electrical products, including transformers, switchgear and custom electrical components. Formed through the strategic acquisitions of Pioneer Custom Electrical Products and Jefferson Electric, Voltaris serves industrial and commercial customers across various sectors. The company is committed to innovation, quality and customer-centric solutions, leveraging decades of industry expertise to meet the evolving needs of the global energy market. Voltaris is backed by Mill Point Capital, a New York-based private equity firm focused on control investments in lower-middle market companies.
About Mill Point Capital LLC
Mill Point Capital LLC is a private equity firm focused on control investments in lower-middle market companies across the Business Services, Industrials and IT Services sectors throughout North America. Mill Point’s experienced team of investors, Executive Partners and Functional Experts seek portfolio company value enhancement through rigorous implementation of transformative strategic initiatives and operational improvements. Mill Point is based in New York, NY. For more information, please visit www.millpoint.com.
Contacts
Jiaeh Kim
info@millpoint.com
212-416-5800
