Systems control

Hubbell Reports Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Tuesday, January 30, 2024
EPS, Growth, GAAP, FY, Public expenditure, Adjustment, Investment, Control, Systems control, Communication, Acquisition, Hubbell Incorporated, Sale

The comments and year-over-year comparisons in this segment review are based on fourth quarter results from continuing operations in 2023 and 2022.

Key Points: 
  • The comments and year-over-year comparisons in this segment review are based on fourth quarter results from continuing operations in 2023 and 2022.
  • Utility Solutions segment net sales in the fourth quarter of 2023 increased 13% to $811 million compared to $716 million reported in the fourth quarter of 2022.
  • Electrical Solutions segment net sales in the fourth quarter of 2023 of $534 million increased 6% from $503 million in the fourth quarter of 2022.
  • Hubbell will conduct an earnings conference call to discuss its fourth quarter 2023 and full year financial results today, January 30, 2024 at 10:00 a.m.

Hubbell Incorporated Completes Acquisition of Systems Control

Retrieved on: 
Tuesday, December 12, 2023
Hand, Acquisition, Hubbell Incorporated, Electricity, Systems control

Shelton, CT, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Hubbell Incorporated (NYSE: HUBB) (“Hubbell”) today announced that it has completed its acquisition of Northern Star Holdings, Inc. (commercially known as Systems Control), a portfolio company of Comvest Partners.

Key Points: 
  • Shelton, CT, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Hubbell Incorporated (NYSE: HUBB) (“Hubbell”) today announced that it has completed its acquisition of Northern Star Holdings, Inc. (commercially known as Systems Control), a portfolio company of Comvest Partners.
  • Hubbell financed the acquisition and related transactions with net proceeds from borrowings under a new unsecured term loan facility in the aggregate principal amount of $600 million, cash on hand, and issuances of commercial paper.
  • 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.

Comvest Partners Completes Sale of Systems Control to Hubbell

Retrieved on: 
Wednesday, December 13, 2023
Finance, Consulting, Banking, Professional Services, Other Professional Services, Sale, Acquisition, NYSE, Engineering, Systems control, Investment, Morgan Stanley, Marketing, Hubbell Incorporated, McDermott Will & Emery, Partnership, Growth, Electricity, Electric power

Comvest Partners (“Comvest”), a middle-market private investment firm, today announced the completion of its previously announced sale of Systems Control, a leading manufacturer of end-to-end substation control solutions, to Hubbell Incorporated (NYSE: HUBB).

Key Points: 
  • Comvest Partners (“Comvest”), a middle-market private investment firm, today announced the completion of its previously announced sale of Systems Control, a leading manufacturer of end-to-end substation control solutions, to Hubbell Incorporated (NYSE: HUBB).
  • Systems Control provides highly engineered substation control and relay panels, customized turnkey substation control building solutions, and engineering services to utilities in the electric transmission and distribution industry.
  • “Comvest invested in Systems Control in partnership with management with a shared vision of scaling the company as a best-in-class turnkey provider of end-to-end substation control solutions.
  • We are excited for Systems Control’s future as part of Hubbell,” added Maneesh Chawla, a Managing Partner at Comvest.

Hubbell to Acquire Systems Control

Retrieved on: 
Monday, October 30, 2023
Wachtell, Lipton, Rosen & Katz, Ageing, Hubbell Incorporated, NYSE, Acquisition, Electricity, Engineering, Morgan Stanley, Growth, EPS, LLP, Systems control, Hand, McDermott Will & Emery, Automation, Electric power

Shelton, CT, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Hubbell Incorporated (NYSE: HUBB) today 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.

Key Points: 
  • Systems Control is a leading manufacturer of substation control and relay panels, as well as turnkey substation control building solutions.
  • Systems Control estimates 2024 sales of approximately $400 million.
  • 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.
  • 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.

Comvest Partners Enters in Definitive Agreement to Sell Systems Control to Hubbell Incorporated

Retrieved on: 
Monday, November 6, 2023
Finance, Consulting, Banking, Professional Services, Other Professional Services, Wachtell, Lipton, Rosen & Katz, Hubbell Incorporated, NYSE, Electricity, Morgan Stanley, Growth, Partnership, Systems control, McDermott Will & Emery, Electric power

Comvest Partners (“Comvest”), a middle-market private investment firm, is pleased to announce the execution of a definitive agreement to sell Systems Control (the “Company”) to Hubbell Incorporated (NYSE: HUBB), a leading manufacturer of utility and electrical solutions.

Key Points: 
  • Comvest Partners (“Comvest”), a middle-market private investment firm, is pleased to announce the execution of a definitive agreement to sell Systems Control (the “Company”) to Hubbell Incorporated (NYSE: HUBB), a leading manufacturer of utility and electrical solutions.
  • Systems Control has been a portfolio company in Comvest’s private equity strategy since 2018.
  • Founded in 1962 and headquartered in Iron Mountain, Mich., Systems Control is a leading manufacturer of substation control and relay panels as well as turnkey substation control building solutions for the electric transmission and distribution industry.
  • “Comvest invested in Systems Control in partnership with management with a shared vision of scaling the Company as a best-in-class turnkey provider of end-to-end substation control solutions.