MacLean Power Systems and Power Grid Components Complete Merger

­MacLean Power Systems ("MPS" or "MacLean Power") and Power Grid Components ("PGC"), two leading manufacturers of engineered components and solutions for electrical transmission, distribution, substation and communication infrastructure, today announced the closing of their previously announced merger. Funds affiliated with Blackstone Energy Transition Partners and Blackstone's flagship private equity strategy ("Blackstone") have become the majority owner of the combined company. In connection with the transaction, an affiliate of Centerbridge Partners ("Centerbridge"), will be making a new investment into the combined company. The platform – one of the largest suppliers of highly-engineered utility equipment in North America – will move forward as one entity under the MacLean Power Systems name. Following the transaction, PGC's portfolio of products, including Allied Bolt, Elliott, ITEC, Meister, Mid-Central, Newell, Royal Switchgear and Vizimax, will become part of the MacLean Power Systems family.

Alongside the completed merger, MPS is pleased to announce leadership updates as it moves into its next phase of growth. Steve Scharnhorst, current CEO of MacLean Power Systems, will lead the combined company. Mike Plaster will transition from CEO of Power Grid Components to President of MacLean Power Systems, leading all commercial and operational activities across the platform.

Steve Scharnhorst, CEO of MacLean Power Systems, said: "Today is an exciting milestone for MPS and our customers. Bringing together these highly complementary businesses strengthens MPS' ability to support the construction, maintenance, repair and upgrade of critical grid infrastructure through a comprehensive portfolio of high-quality, customer-driven engineered solutions. We look forward to Leading the Way™ to a more resilient grid together as an industry-leading platform."

Mike Plaster, President of MacLean Power Systems, added: "MacLean Power is a premier brand in our industry, built on decades of providing reliable, high-quality, essential components for the power grid and adjacent industries. I'm excited to partner closely with Steve and our combined teams as we expand our portfolio and capabilities to continue to best serve our customers across all segments of the electrical grid."

JP Munfa, Senior Managing Director, and Mark Zhu, Managing Director, at Blackstone, said: "MacLean Power plays a vital role in supporting the safety, efficiency, and resiliency of the grid. We are thrilled to partner with Steve, Mike, and the entire team to work on building an even stronger, scaled platform that is well positioned to support rapidly growing electrical infrastructure needs."

Conor Tochilin, Senior Managing Director at Centerbridge, said: "We congratulate Steve and the entire MPS team on their outstanding success to date. Centerbridge is excited to reinvest in the combined MacLean Power platform, building on the strong foundation we've established together and backed by a proven management team. We look forward to partnering with Blackstone to support the combined company's next stage of growth as it accelerates its momentum and continues to benefit from powerful secular tailwinds."