Arcline Acquires Electric Power Systems and North American Substation Services

ST. LOUIS and ORLANDO, Fla., April 21, 2021 — Arcline Investment Management (“Arcline”), a growth-oriented private equity firm with $4.3 billion of cumulative capital commitments, today announced the creation of a leading electric infrastructure service platform formed by the acquisitions of Electric Power Systems (“EPS”) and North American Substation Services (“NASS”) from Industrial Growth Partners, which will retain a minority investment in the combined company.

Bringing together EPS and NASS creates a leader in protection and control engineering and services, high voltage apparatus testing, and critical substation equipment maintenance and installation services, to better serve utility, renewable energy, data center, and commercial customers. The recurring services provided by EPS and NASS are critical to the maintenance, upgrade, and operation of the nation’s electrical power grid, which is undergoing significant long-term investment to modernize an aged asset base, increase reliability and security, and incorporate significant renewable generation capacity.

Arcline commented, “Critical infrastructure services and energy transition are two of Arcline’s primary investment themes, and the combination of EPS and NASS brings together two industry leaders in these areas. We look forward to supporting these two great businesses as they perform the essential work of upgrading and maintaining the nation’s electrical infrastructure.”
Steve Reed, CEO of EPS, added, “We couldn’t be more excited to partner with both Arcline and NASS to establish the leading independent electric infrastructure service platform in North America. The combination of EPS and NASS brings together the market leaders in our respective service categories and allows us to better serve the entire breadth of our customers’ technical service needs.”

Daniel Niccum, President of NASS, commented, “The complementary nature of NASS and EPS’ service capabilities, customer relationships, and geographic footprint make this combination a win-win for both companies and, most importantly, for our customers. We look forward to partnering with EPS and Arcline to continue to grow the combined business.”

Harris Williams served as financial advisor and Latham & Watkins LLP served as legal counsel to Arcline in connection with the transaction.

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