Sunbelt Solomon Announces Acquisition of Maxima Power Group

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Aug 01, 2024, 16:20 ET

Electrical Solutions Leader Continues Expansion into New Markets

SOLOMON, Kan., Aug. 1, 2024 /PRNewswire/ -- Sunbelt Solomon Services ("Sunbelt Solomon"), a leading provider of customized electrical power solutions and services, today announced the acquisition of Maxima Power Group ("Maxima" or "the Company"). Comprised of Magna IV Engineering Inc., Power Solutions Group LLC. and Industrial Tests Inc., Maxima is a NETA accredited electrical engineering, automation solutions, and technical field services provider. The combined entity will address a pivotal segment of the electrical power distribution equipment and services market, adding critical mass to Sunbelt Solomon's existing strong portfolio of full lifecycle management solutions.

Founded in 1982, Maxima Power Group employs a 370-person team spanning almost 20 locations across the United States, Canada and Chile. Following the acquisition, Maxima Power Group will continue to operate under its existing brands. Kelly Butz, who currently serves as the Company's Chief Executive Officer, will continue to lead the business and take on additional responsibility as President of Sunbelt Solomon's combined field services portfolio of brands. The union of these companies will double Sunbelt Solomon's existing capabilities and expand its footprint, enabling it to serve customers from 35 locations globally.

"We are thrilled to add Maxima Power Group's team and capabilities to Sunbelt Solomon. Given the breadth, scale, and enhanced scope of services in critical power infrastructure, the unified team will be able to offer our customers a unique experience in the industry. Overnight, our combined field services capabilities double in the United States, while in Canada the complementary nature of our existing temporary power and rental services blended with our strong field services presence establishes an unparalleled product offering, while creating a foundation to deploy the complete portfolio of repaired and reconditioned power distribution equipment across Maxima's service lines. Broadening Sunbelt Solomon's presence in the Americas via Maxima's operation in Chile also provides a superb expansion path for our products and services beyond our traditional North American market."

– Gus Cedeño, CEO Sunbelt Solomon

"What excites me most about joining forces with Sunbelt Solomon is the opportunity to work with a team that, right from the moment I first met them, felt there was cultural alignment, and it was clear how Maxima could help Sunbelt Solomon maintain and expand its leadership position in the market. To help Sunbelt Solomon in their quest to provide full lifecycle services on a wide range of equipment aligns exactly with Maxima's Vision of being the World's Most Trusted Power, Energy, and Automation Solutions Provider. We look forward to our future together and the many opportunities to come for the business and its employees, as we write the next chapter in our over 40-year history."

– Kelly Butz, CEO Maxima Power Group

"Maxima Power is an important partnership for Sunbelt Solomon. We believe the two businesses' combined field services scale, coupled with the broader set of Sunbelt Solomon electrical equipment service lines, will provide increased value to customers and employees and accelerate the growth paths of the two businesses. We are excited to have Kelly and team join the Sunbelt Solomon family and look forward to a successful partnership."

– Charles Fleischmann, Head of Business Services, Trilantic North America

"We are determined to continue capitalizing on opportunities to expand Sunbelt Solomon's growing portfolio of services and locations," Cedeño said. "We remain excited about the market's demand for our capabilities and the next phase of growth for the combined organization."

Harris Williams acted as financial advisor and Perkins Coie LLP acted as legal advisor to Maxima Power Group. Gibson, Dunn & Crutcher LLP provided legal advice to Sunbelt Solomon.

Terms of the transaction were not disclosed.

About Maxima Power Group
Maxima Power Group is a global provider of power and automation services specializing in large power electrical maintenance. By leveraging NETA accredited field services personnel focused on repair and engineering, Maxima powers communities and critical infrastructure across the globe. Maxima specializes in the field of electrical safety and reliability by providing turn-key arc flash mitigation systems throughout Canada, the United States, Chile.

About Sunbelt Solomon
With over 100 years of experience, Sunbelt Solomon is widely recognized as a sustainability leader in the electrical segment for its technical expertise, speed of service and standard of care within commercial, industrial, and utility markets. The company provides rental, repair, and field services to complement the supply of remanufactured and new electrical power and distribution equipment, including transformers and switchgear from its 18 locations across North America. Sunbelt Solomon boasts unparalleled scale, breadth of services, and a consistent track record of dependability among cooperative, investor-owned, and municipal utility customers, plus a diverse presence across many renewable energy, oil and gas, commercial and industrial verticals. More information is available on the company's website, sunbeltsolomon.com.

About Trilantic North America
Trilantic Capital Management L.P. ("Trilantic North America") is a growth-focused middle market private equity firm focused on control and significant minority investments in North America. Trilantic North America's primary investment focus is in the business services and consumer sectors. Trilantic North America has managed or is currently managing seven private equity fund families with aggregate capital commitments of $11.0 billion. For more information, visit www.trilanticnorthamerica.com.

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SOURCE Sunbelt Solomon