MacLean Power Systems and Power Grid Components Join Forces to Form Leading Supplier of Engineered Components and Solutions for Utility Infrastructure

Transformative merger through Blackstone investment brings together two complementary suppliers of critical equipment for the U.S. power grid

New York, NY - December 10, 2025 - MacLean Power Systems ("MPS") and Power Grid Components ("PGC"), two leading manufacturers of engineered components and solutions for electrical transmission, distribution, substation and communication infrastructure, announced today 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 ("Blackstone"), will become the majority owner of the combined company, acquiring ownership interests in MPS currently held by Centerbridge Partners ("Centerbridge"). 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.

Founded in 1986, MacLean Power Systems is a leading provider of customer-driven, highly engineered solutions for the construction, maintenance, repair, and upgrade of critical electrical transmission and distribution and communications infrastructure. MPS offers a comprehensive portfolio of industry-leading products―switches, pole line hardware, insulators, arresters, connectors, anchors, crossarms, and related components―delivered with superior lead times. From emergency restoration to full-scale electrical grid buildouts, MPS is a trusted partner for utility and telecom operators. MPS delivers innovative, easy-to-install products that help reduce grid operating costs and drive long-term reliability.

PGC was formed in 2017 to grow leading businesses that supply products used in the North American electrical power grid and adjacent industries. PGC's current portfolio includes high-voltage disconnect switchgear (Royal); high-quality porcelain, composite, and glass insulators (Newell and Meister); instrument transformers (ITEC); outside plant hardware (Allied Bolt); controlled switching devices (Vizimax); pad-mounted power distribution products (Elliott); and fixed-load transformers (Mid-Central Electric). PGC's customers include many of the nation's largest utilities, original equipment manufacturers, telecommunications companies, packagers, and distributors.

The combined MPS / PGC will be one of the largest suppliers of highly-engineered utility equipment in North America, offering customers a comprehensive portfolio of critical solutions for transmission, distribution, substation, and communication infrastructure. Management at both MPS and PGC are planning to remain in place post-closing to drive the next phase of growth together.

Steve Scharnhorst, CEO of MacLean Power Systems, said: "I'd like to thank Centerbridge for their partnership and our customers and employees who have helped us grow over the last three years. We are excited to partner with PGC and Blackstone to accelerate the growth of this industry-leading platform."

Mike Plaster, CEO of PGC, said: "MacLean Power Systems is a premier brand in our industry, built on decades of providing reliable, high-quality, essential components for the power grid and adjacent industries. MPS's comprehensive product portfolio is highly complementary to PGC's solutions offerings, and MPS's customer service-driven culture and values are consistent with those of PGC. Together, we will be able to serve our customers better in all segments of the electrical grid."

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."

David Foley, Global Head of Blackstone Energy Transition Partners, added: "As a leading energy investor focused on investment opportunities benefiting from increasing electrification and the energy transition, we proactively seek out companies with strong management and work with them to fully capitalize on growth opportunities. MacLean Power Systems is one of the leaders in the industry, which together with PGC is well positioned to benefit from growing need for critical equipment that improves the safety, reliability, and efficiency of America's electrical network."

Conor Tochilin, Senior Managing Director at Centerbridge, said: "Our investment in MacLean Power Systems highlights our longstanding thematic focus on electric grid modernization and approach to value creation in partnership with great management. We congratulate Steve and the entire MPS team for delivering exceptional growth over the last three years, and we are excited for the combination of MPS and PGC, which will unlock potential for both companies in a sector with strong secular tailwinds."

MacLean Power Systems represents an extension of recent Blackstone Energy Transition Partners transactions behind its high-conviction investment themes in electrification, rising power demand, and the ongoing energy transition, including Power Grid Components, Wolf Summit Energy, Hill Top Energy Center, Shermco, Enverus, Lancium, Potomac Energy Center, Sediver, Trystar, Westwood, and others.

Terms of the transaction were not disclosed. Barclays, UBS, and Jefferies acted as financial advisors and Vinson & Elkins acted as a legal advisor to PGC and Blackstone. Morgan Stanley & Co. LLC, Wells Fargo Securities, and Lincoln International acted as financial advisors, and Kirkland & Ellis served as legal advisor to MPS and Centerbridge.

About MacLean Power Systems
MacLean Power Systems is a leading manufacturer of engineered products and solutions used in the maintenance, repair, upgrade, and construction of transmission, distribution, and substation infrastructure. Leading the way in innovation, MPS is dedicated to keeping the power infrastructure performing optimally by supplying world-class solutions to fulfill the needs of customers who maintain electrical services to consumers worldwide. Learn more at www.macleanpower.com.

About Power Grid Components
PGC powers the evolving grid with reliable, responsive solutions. As a leading domestic supplier of critical grid equipment, we fortify its capacity, resilience, and safety. And through tailored solutions and partnerships with utilities, OEMs, packagers, distributors, and end users, we keep America's power flowing. Learn more at https://pgc.com/.

About Blackstone Energy Transition Partners
Blackstone Energy Transition Partners is Blackstone's strategy for control-oriented equity investments in energy-related businesses, a leading energy investor with a successful long-term record, having committed over $27 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering more reliable, affordable and cleaner energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders. Further information is available at https://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/.

About Blackstone
Blackstone is the world's largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone's over $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Centerbridge Partners
Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines―Private Equity, Private Credit, and Real Estate―in an effort to develop the most attractive opportunities for our investors. The Firm was founded in 2005 and, as of September 30, 2025, has approximately $45 billion in assets 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 and LinkedIn.

Media Contacts

MacLean Power Systems
Gustavo Alvarado
[email protected]

Power Grid Components
Elisabeth Law
[email protected]

Blackstone
Jennifer Heath
[email protected]

Centerbridge
Jeremy Fielding / Anntal Silver / Daniel Hoadley
[email protected]