Add-on Acquisition • Manufacturing

Hubbell Acquires Systems Control

On October 30, 2023, Hubbell acquired manufacturer Systems Control from Comvest Partners and WP Global Partners for 1.1B USD

Acquisition Context
  • This is Hubbell’s 2nd transaction in the Manufacturing sector.
  • This is Hubbell’s largest (disclosed) transaction.
  • This is Hubbell’s 11th transaction in the United States.
  • This is Hubbell’s 1st transaction in Michigan.

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M&A Deal Summary

Date October 30, 2023
Target Systems Control
Sector Manufacturing
Buyer(s) Hubbell
Sellers(s) Comvest Partners
WP Global Partners
Deal Type Add-on Acquisition
Deal Value 1.1B USD
Advisor(s) Harris Williams
Lincoln International (Financial)
McDermott Will & Emery (Legal)

Target Company

Systems Control

Iron Mountain, Michigan, United States
Systems Control provides engineering and manufacturing of equipment enclosures and control and relay panels used in electrical transmission and distribution substations across North America. Systems Control was founded in 1962 and is based in Iron Mountain, Michigan.
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Buyer Overview 1

Buyer

Hubbell

Shelton, Connecticut, United States

Category Company
Founded 1888
Sector Electronics
Employees17,700
Revenue 5.6B USD (2024)
DESCRIPTION

Hubbell is a manufacturer of electrical and electronic products for a broad range of non-residential and residential construction, industrial and utility applications. Hubbell was founded in 1888 and is based in Shelton, Connecticut.


Deal Context for Buyer #
Overall 12 of 12
Sector: Manufacturing 2 of 2
Type: Add-on Acquisition 11 of 11
State: Michigan 1 of 1
Country: United States 11 of 11
Year: 2023 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-28 Ripley Tools

Cromwell, Connecticut, United States

Ripley Tools is a designer and manufacturer of a wide variety of cable preparation tools. These specialty hand tools are sold to electrical utility, electrical contractor, CATV, telephone and telecommunication markets under the Utility Tool, Cablematic, Miller and Clauss tool brand names. Ripley Tools was founded in 1936 and is based in Cromwell, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-12 Progress Lighting

Greenville, South Carolina, United States

Progress Lighting provides a source for residential and light commercial decorative lighting solutions with thousands of fixture designs to meet the needs of any project. The Company offers quality lighting products and solutions that deliver aesthetic appeal, stellar performance, easy installation, and value to the residential new construction and renovation & remodel end markets. Progress Lighting is based in Greenville, South Carolina.

Sell -

Seller Profiles 2

SELLER

Comvest Partners

West Palm Beach, Florida, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Comvest Partners' headquarters in West Palm Beach, Florida.
Comvest Partners' headquarters in West Palm Beach, Florida.

Comvest Partners is a private investment firm that provides equity and debt capital to middle-market companies across North America. Comvest funds a variety of investment situations, including buyouts, divestitures, recapitalizations, consolidations, take privates, and turnarounds. Sectors of interest include business services, information services, education, financial services, healthcare services, software, IT, and transportation. For equity investments, Comvest prefers control and looks to invest $50 to $150 million per transaction. For debt needs, Comvest seeks to provide $25 to $250 million per transaction. Comvest Partners was formed in 2000 and is based in West Palm Beach, Florida.


Deal Context for Seller #
Overall 41 of 42
Sector: Manufacturing 1 of 1
Type: Add-on Acquisition 23 of 23
State: Michigan 2 of 2
Country: United States 41 of 42
Year: 2023 2 of 2
Size (of disclosed) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-11 ClearOne Advantage

Tempe, Arizona, United States

ClearOne Advantage is a full-service debt resolution company providing consumers options in debt settlement for credit cards and other unsecured debts. ClearOne Advantage was founded in 2008 and is based in Tempe, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-21 Senior Helpers

Towson, Maryland, United States

Senior Helpers is a franchisor of private pay, professional home care for elderly individuals. The Company provides specialized programs that have been developed in collaboration with medical experts and offers specialized care services for individuals with Alzheimer's, dementia, and Parkinson's. Senior Helpers was founded in 2002 and is based in Towson, Maryland.

Buy -
SELLER

WP Global Partners

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2005
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

WP Global Partners is an asset management firm that looks to offer clients exposure to private equity, venture capital, and private debt investments through research based investment programs. Within private equity, WP looks to invest $5 to $25 million in recurring revenue oriented businesses valued up to $500 million. WP Global Partners was formed in 2005 and is headquartered in Chicago, Illinois.


Deal Context for Seller #
Overall 2 of 5
Sector: Manufacturing 1 of 1
Type: Add-on Acquisition 1 of 3
State: Michigan 1 of 1
Country: United States 2 of 5
Year: 2023 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-23 Landing

Birmingham, United States

Landing is reinventing apartment rentals through a membership program that gives members access to flexible leases with no deposits in 200+ markets in our growing network. Our streamlined platform provides access to tens of thousands of furnished apartments across the U.S., and our member benefits allow more flexibility with fewer compromises. Members can book an apartment in minutes entirely through our app (even use a credit card) and be ready to move to a new place in a matter of days. Landing was founded in 2019 and is based in Birmingham, Alabama.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-23 GSM Outdoors

Irving, Texas, United States

GSM Outdoors specializes in developing and marketing innovative products for the hunting, sport shooting, and rugged outdoor enthusiast market. GSM owns 20+ industry-leading brands including stealth cam, walker’s, muddy outdoors, birchwood casey, hawk, cyclops, western rivers, american hunter, HME, and SME among others. GSM Outdoors was founded in 1999 and is based in Irving, Texas.

Sell -