Comvest Partners Enters in Definitive Agreement to Sell Systems Control to Hubbell Incorporated
06 Noviembre 2023 - 6:30AM
Business Wire
Comvest Partners (“Comvest”), a middle-market private investment
firm, is pleased to announce the execution of a definitive
agreement to sell Systems Control (the “Company”) to Hubbell
Incorporated (NYSE: HUBB), a leading manufacturer of utility and
electrical solutions. Systems Control has been a portfolio company
in Comvest’s private equity strategy since 2018. The transaction is
expected to close by the end of the year.
Founded in 1962 and headquartered in Iron Mountain, Mich.,
Systems Control is a leading manufacturer of substation control and
relay panels as well as turnkey substation control building
solutions for the electric transmission and distribution industry.
The Company’s highly engineered offerings are mission-critical to
grid reliability, enabling utility customers to protect and control
substation infrastructure while detecting faults and controlling
the flow of electricity.
“Comvest invested in Systems Control in partnership with
management with a shared vision of scaling the Company as a
best-in-class turnkey provider of end-to-end substation control
solutions. We are proud of the great relationship we built with the
Systems Control team and the successes we achieved together,” said
Kenny Nickens, a Vice President at Comvest.
“This successful outcome highlights Comvest’s expertise in
helping companies achieve their growth objectives as well as our
investment leadership in the infrastructure services space. We are
excited for the Company’s future as part of Hubbell,” added Maneesh
Chawla, a Managing Partner at Comvest.
Brad Lebouef, Chief Executive Officer at Systems Control, said,
“Comvest supported System Control’s vision for growth throughout
our partnership, providing both capital and invaluable support key
to the achievement of our desired growth milestones. We are
appreciative of Comvest’s stewardship and look forward to our next
chapter with the terrific team at Hubbell.”
Harris Williams LLC and Lincoln International LLC are serving as
financial advisors to Systems Control, and McDermott Will &
Emery LLP is serving as legal advisor. Morgan Stanley & Co. LLC
is serving as financial advisor to Hubbell, and Wachtell, Lipton,
Rosen & Katz is serving as legal advisor.
About Systems Control
Systems Control specializes in engineering and manufacturing of
equipment enclosures and control and relay panels used in
electrical transmission and distribution substations across North
America. The Company’s manufacturing operations are located in Iron
Mountain, Michigan. For more information, please visit
www.systemscontrol.com.
About Hubbell
Hubbell Incorporated is a leading manufacturer of utility and
electrical solutions enabling customers to operate critical
infrastructure safely, reliably and efficiently. With 2022 revenues
of $4.9 billion, Hubbell solutions electrify economies and energize
communities. The corporate headquarters is located in Shelton,
Conn. For more information, please visit www.hubbell.com.
About Comvest Partners
Comvest is an operationally focused private investment firm that
has provided equity and debt capital to well-positioned
middle-market companies throughout North America since 2000.
Through its private equity, direct lending and special
opportunities investment platforms, Comvest offers tailored
investment solutions across the capital structure, deep industry
and operating expertise, a collaborative approach, and significant
transaction experience as an active investor. Today, Comvest
manages more than $9.5 billion in assets, and has invested over
$11.7 billion since inception. Based in West Palm Beach, Comvest
also maintains offices in Chicago and New York. For more
information, please visit www.comvest.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231103754139/en/
Kenny Nickens, Vice President, Comvest Partners –
k.nickens@comvest.com
Alex Ray, Director, Business Development, Comvest Partners –
a.ray@comvest.com
Hubbell (NYSE:HUBB)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Hubbell (NYSE:HUBB)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024