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Electro-Mechanical, LLC Partners with Oaktree

by | Mar 5, 2024

Electro-Mechanical, LLC Partners with Oaktree

March 1, 2024 – BRISTOL, VA.

Electro-Mechanical, LLC (“Electro-Mechanical” or the “Company”), a leading manufacturer of engineered electrical equipment, announced today that it has partnered with funds managed by Oaktree Capital Management, L.P. (“Oaktree”). In partnership with management, Oaktree’s investment will support the Company’s strategic vision and growth plans by leveraging Electro-Mechanical’s widely recognized brand and portfolio of innovative power products. Terms of the transaction were not disclosed.

Founded in 1958 and headquartered in Bristol, VA, Electro-Mechanical is a manufacturer of custom electrical equipment including switchgear, power quality products, transformers, and integrated systems for customers in the utility, renewable energy, data center, and commercial and industrial markets. The Company’s products are sold under leading brands including Federal Pacific, Line Power, Mirus International, and GridConnex.

Howard Broadfoot, CEO of Electro-Mechanical, commented: “The Electro-Mechanical team is very excited to partner with Oaktree for this next chapter in the Company’s history. Electro-Mechanical has established itself as a trusted partner in the electrical distribution business, and we are excited to leverage Oaktree’s guidance and resources to further grow the Company in the years to come.”

“We are thrilled to be partnering with Electro-Mechanical, which has built a 65-year reputation of providing customers with high-quality and reliable products to upgrade and expand their electric power infrastructure,” added Ulysses Fowler, Managing Director of Oaktree’s Power Opportunities strategy. “The Company has significant potential for expansion, driven by rising power demand, aging electrical infrastructure, and increasing adoption in distributed energy resources across the grid. We are excited to support Electro-Mechanical’s next phase of growth.”

Akerman LLP and Lincoln International LLC served as advisors to Graycliff Partners and the Company and Kirkland & Ellis LLP served as legal advisor to Oaktree on the transaction.

About Electro-Mechanical, LLC

Electro-Mechanical, LLC was founded in 1958 and is headquartered in Bristol, VA. With over 600 employees, the Company is one of America’s largest privately held manufacturers of electrical apparatus. Electro-Mechanical sells its products under the Federal Pacific, Line Power, Mirus International, and GridConnex brands, and is recognized throughout the U.S. and around the world for the supply of high-quality power distribution components and unparalleled industry knowledge and customer support. With five manufacturing facilities including a repair and service division, the Company has nearly one million square feet of modern manufacturing facilities located in the U.S., Canada, and Mexico. For additional information, please visit Electro-Mechanical’s website at www.electro-mechanical.com.

About Oaktree

Oaktree is a leader among global investment managers specializing in alternative investments, with $189 billion in assets under management as of December 31, 2023. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,200 employees and offices in 22 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.