Blackstone Inc. is close to buying MacLean Power Systems in a deal that could value the American utility component maker at over $4 billion, according to Bloomberg sources. The agreement is in advanced stages and might be announced as early as next week, but delays or cancellation are possible.
Blackstone reportedly outbid other buyers, including ABB Ltd., which decided not to raise its offer. Representatives from Blackstone, Centerbridge, and ABB did not comment, and MacLean could not be reached.
Profile of MacLean Power Systems
MacLean, located in Fort Mill, South Carolina, makes anchoring systems, grounding equipment, and other essential infrastructure for power transmission and distribution.
Centerbridge Partners took a majority stake in the company in 2022.
The rising demand for electricity in the US, fueled by the growth of data centers for artificial intelligence, has increased investment interest in this sector.
Blackstone’s Expansion Strategy in Energy and AI Sector
Blackstone has invested heavily in companies that support electrical infrastructure and AI technology:
- In 2023, it bought Power Grid Components Inc., a maker of substation components.
- In 2021, it acquired Sabre Industries Inc., a company that designs and makes electrical installation equipment.
This strategy is tied to the rapid growth of artificial intelligence solutions, which need better and more reliable power networks.
