Enhances Hubbell’s industry-leading Utility Solutions portfolio
SHELTON, CT – /GLOBE NEWSWIRE/ — Hubbell Incorporated announced that it has
entered into a definitive agreement to acquire Northern Star Holdings, Inc. (commercially known
as Systems Control), a portfolio company of Comvest Partners, for $1.1 billion in cash, subject
to customary adjustments.
Systems Control is a leading manufacturer of substation control and relay panels, as well
as turnkey substation control building solutions. These highly engineered offerings are mission-
critical to grid reliability, enabling utility customers to protect and control substation
infrastructure while detecting faults and controlling the flow of electricity. Systems Control
estimates 2024 sales of approximately $400 million.
Gerben Bakker, Hubbell’s Chairman, President and Chief Executive Officer said, “This
acquisition enhances Hubbell Utility Solutions’ industry-leading franchise across utility
components, communications and controls. Systems Control has a strong track record of
financial performance and is highly complementary to Hubbell’s portfolio, enabling us to deliver
additional value to our core utility customers while enhancing our overall growth and margin
profile for shareholders.”
Greg Gumbs, President, Utility Solutions said, “Substation automation is critical to
upgrading aged infrastructure and enabling the integration of renewables and electrification on
the grid. Systems Control has a proven value proposition, with leading manufacturing quality
and engineering expertise driving labor savings for utility customers while enabling them to
operate critical infrastructure reliably and efficiently. We are excited to welcome the Systems
Control team to Hubbell.”
The transaction is anticipated to close by the end of 2023, subject to the satisfaction of
customary closing conditions, including receipt of required regulatory approvals. Hubbell plans
to finance the transaction with a combination of cash on hand and debt.
Morgan Stanley & Co. LLC is serving as financial advisor to Hubbell, and Wachtell,
Lipton, Rosen & Katz is serving as legal advisor. Harris Williams LLC and Lincoln International
LLC are serving as financial advisors to Systems Control, and McDermott Will & Emery LLP is
serving as legal advisor.
Hubbell Incorporated is a leading manufacturer of utility and electrical solutions enabling
customers to operate critical infrastructure safely, reliably and efficiently. With 2022 revenues of
$4.9 billion, Hubbell solutions electrify economies and energize communities. The corporate
headquarters is located in Shelton, CT.
