In a strategic move to bolster its portfolio of electrical grid solutions, Power Grid Components (PGC), a Blackstone portfolio company, has acquired Vizimax Inc., a renowned provider of innovative technologies for high- and medium-voltage electric power systems. This acquisition marks PGC's first venture into the Canadian market and its third transaction in the electrical equipment sector.
Headquartered in Longueuil, Quebec, Vizimax has established itself as a leader in developing solutions that address critical challenges in electrical grid switching, measuring, and controlling. Their flagship product, SynchroTeq, is a cutting-edge controlled switching device designed to manage and optimize inrush currents. By enabling switching at the optimal instant of the current waveform, SynchroTeq minimizes stress and potential damage to essential power devices such as transformers and circuit breakers, thereby extending their operational lifespan.
Rick McClure, founder and CEO of PGC, expressed enthusiasm about the acquisition, stating, "By adding Vizimax to our portfolio of companies, we gain exceptional talent, including an experienced leadership team led by Jean-Guy [Lacombe], and a product that offers unparalleled protection for critical power devices utilized in electrical systems around the world."
Jean-Guy Lacombe, President of Vizimax, echoed this sentiment, noting that joining the PGC family represents a significant step toward strengthening Vizimax's capabilities in ensuring global grid reliability. He highlighted PGC's deep bench of experienced professionals and longstanding relationships with utilities, original equipment manufacturers, and renewable energy developers as key factors that will aid Vizimax in expanding its presence, particularly in the U.S. market.
The integration of Vizimax into PGC's portfolio is expected to enhance the combined entity's ability to deliver solutions that bolster the electrical grid's reliability, safety, and security. This aligns seamlessly with PGC's core mission to provide highly engineered, quality products used in the North American electric power grid and adjacent industries.
Nomura Greentech acted as the financial advisor to Power Grid Components for this transaction.
This acquisition underscores PGC's commitment to expanding its footprint both in North America and internationally, further solidifying its position as a leading supplier of products essential for building, maintaining, and protecting the electrical grid.
Yaletown previously led the Series A financing round for Vizimax, aiming to accelerate the company's market expansion and product development. Salil Munjal, Managing Partner at Yaletown Partners, remarked at the time, "One of the main reasons we were interested in investing in Vizimax is its impressive management team led by Jean-Guy and a roster of seasoned professionals with multi-decades of experience in the design of utility automation systems and in the communications arena."
This early investment and support from Yaletown Partners have been pivotal in positioning Vizimax as a leader in grid modernization solutions, ultimately leading to its acquisition by Power Grid Components.
