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Nov 06, 2024

Fort Lee-based Pioneer sells its custom electrical products unit for $50 million | ROI-NJ

Fort Lee-based Pioneer Power Solutions, a leader in the design, manufacture, service and integration of electrical power systems, distributed energy resources, power generation equipment and mobile

Fort Lee-based Pioneer Power Solutions, a leader in the design, manufacture, service and integration of electrical power systems, distributed energy resources, power generation equipment and mobile electric vehicle charging solutions, recently announced it has sold its Pioneer Custom Electrical Products business unit to Mill Point Capital LLC, a middle-market private equity firm located in New York City, for $50 million in a cash and equity transaction.

PCEP is the company’s electrical infrastructure business, which provides energy solutions that allow users to effectively and efficiently protect, control, transfer, monitor and manage their electrical energy usage and requirements. PCEP markets many of these solutions under the “E-Bloc” brand.

In a separate press release, Mill Point announced the formation of Voltaris Power LLC, an electrical power solutions platform created by acquiring two distinct entities, PCEP and Jefferson Electric, in two independent transactions.

Mill Point expects the combination of PCEP and the Jefferson Electric transformer business to allow Voltaris to more effectively serve electric power end markets that are at the heart of the energy transition and re-electrification of America. Pioneer will also receive a minority equity stake in Voltaris as part of the transaction.