Charlotte, US-based private equity firm Falfurrias Capital Partners has set up North American Transmission and Distribution (T&D) Group and invested in a local equipment manufacturer.
The new firm was established in partnership with former chief executive of Siemens’ North American T&D Dave Pacyna. It will be focused on acquiring and growing local businesses that support mission-critical elements of the electric utility grid.
Falfurrias has previously made three investments in the T&D industry to develop engineering services provider UC Synergetic, which was sold to Pike Electric in 2012.
Falfurrias also confirmed its investment in Instrument Transformer Equipment Corporation (ITEC), a Charlotte-based maker of instrument transformer products used by electric utilities and industrial customers.
Ed McMahan, Falfuarrias partner, said, “ITEC has successfully built strong relationships in an industry that demands uncompromising quality, and we believe Dave will enable the Company to continue its impressive growth trajectory.
“ITEC is the type of growth company in which we like to invest and represents an ideal platform for our broader investment strategy in the energy infrastructure market.”
Founded by former Bank of America chairman and CEO Hugh McColl and former Bank of America CFO Marc Oken, Falfurrias targets businesses with an EBITDA of between $5m and $25m.
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