Power Products manufactures aftermarket electrical systems and components, including harsh-environment power management and conversion products. It was the electrical segment of Menomonee Falls-based Actuant before Sentinel Capital and management purchased it for $258 million in December 2013.
Management still has an ownership interest in Power Products, but Genstar has purchased the majority stake, said David Scheer, chief executive officer of Power Products. The terms of the new acquisition were not disclosed.
But the company has grown steadily since it was spun off from Actuant, Scheer said. It has made three acquisitions, most recently in December when it acquired Lenco Marine of Stuart, Florida.
And the acquisition will provide an influx of capital for Power Products as it continues to seek acquisition opportunities and makes a hiring push, he said.
“There’s a lot of capital behind this. We’re part of a $2.5 billion fund,” Scheer said.
According to General Capital, the investment will support strategic M&A, continued expansion, the addition of new products and enhanced relationships with customers and channel partners.
“We see major growth opportunities to optimize Power Products’ brands, reputation and technology,” said Rob Rutledge, managing director of Genstar. “Power Products is a strong and growing company and we look forward to investments that will further expand its core segments, including entering new channels, expanding into new product arenas, and pursuing adjacent market opportunities. With Genstar’s industrial technology expertise and financial support, Power Products is positioned as the consolidator of choice in a fragmented industry.”
Power Products has about 800 global employees, about 280 of whom are based in Menomonee Falls.
“We are constantly hiring additional people,” Scheer said. “There’s probably a dozen openings right now on our website.”