The Growth Wire: Substations – The “Heart” of Transmissions & Distribution Systems covers substation overview, current substation market trends, the substation market overview, and England & Company’s utility and critical infrastructure experience.
Q2 showed a decrease in OEM transactions and private financings, but the bright spot was the increase in the number of contract manufacturing transactions compared to Q1. There were some notable transactions, including the spinout of assets from Olympus and BD, and interesting financings in orthopedics, including Onkos Surgical. England completed two transactions this quarter, even given the macroeconomic headwinds.
September 2023 – England & Company is pleased to announce that it served as exclusive financial advisor to Inertia Engineering and Machine Works, Inc. (“Inertia”) in its sale to MacLean Power, LLC (“MPS”). Inertia, based in Stockton, California, is a manufacturer of highly advanced switchgear and automation equipment for the utility market. For over 25 years, Inertia’s products have been installed by utilities across the United States and internationally, providing key functionality in power distribution and transmission.
“We are thrilled to have worked with England & Company on this transaction; they went above and beyond for us,” said Megan Rowe, President of Inertia. “England & Company’s in-depth knowledge of the utility market, including its ability to properly position Inertia’s products and technical capabilities with potential buyers and valuable hands-on strategic advice during the transaction process, ensured that our company found the best possible partner for Inertia’s next stage of growth.”
The acquisition of Inertia extends MPS’ existing product portfolio into advanced overhead switchgear technology sold to utility customers.
About Inertia Engineering & Machine Works
Inertia Engineering and Machine works, Inc. is a global leader in the manufacturing of high quality, overhead, medium voltage switchgear, automation products, and specialized equipment used in electric utility and grid automation ‘Smart Grid’ applications. Learn more at www.inertiaworks.com.
About MacLean Power Systems
MacLean Power Systems is a leading manufacturer of engineered products used in the maintenance, repair, upgrade, and construction of transmission, distribution, substation, and communications infrastructure. Learn more at www.macleanpower.com.
Kiat Tan Joins Firm’s Expansion to Asia
September 2023 – England & Company, an independent investment bank based in the United States, announced it has established an office in Singapore to extend the firm’s corporate advisory business in the Asia-Pacific region. The Singapore office complements England’s four U.S. offices which are strategically located in Houston, New York, San Diego, and Washington, DC.
England’s Singapore office is led by Patrick O’Shea, who most recently served as a Managing Director in the firm’s New York office. While at England, O’Shea has provided M&A and capital raising advisory services to an array of Energy, Industrial, Logistics, and Technology companies. Prior to joining England in 2011, O’Shea was a senior investment banker with JP Morgan in New York and Tokyo, and a member of Merrill Lynch’s technology investment banking team in New York.
England also announced that Kiat Tan joined the firm’s Singapore Office earlier this year. Tan has broad international experience in M&A, corporate development strategy, restructuring, and institutional fundraising. He has worked across Asia and in the UK for investment banks, professional services firms, and multinational corporations, focusing on the Consumer, Financial Services, Healthcare, Industrial, and Real Estate sectors. Prior to joining England, Tan led institutional fundraising activities for Folk Developments, a UK residential real estate development company; served as Head of M&A and Investments for Nippon Paint Group, a global paint and coatings company; and was Head of M&A Advisory in Singapore for Avista Houlihan Lokey. Tan received his undergraduate degree from De Montfort University, an MBA in Finance from the University of Chicago’s Booth School of Business, and a Postgraduate Diploma in Strategic Management from the Saïd Business School at the University of Oxford.
“We are eager to build on 20-years of success by growing our international footprint and enhancing our capabilities for cross-border activity with our expanded office in Singapore,” said Craig England, CEO of England & Company. “Over the past decade, Patrick has demonstrated his skill as a strategic advisor to our diverse client base in the United States. Kiat is a proven investment banker with deep relationships and many years of experience throughout the Asia-Pacific region. Our team in Singapore will provide superior guidance to our clients around the world as they pursue strategic acquisitions, divestitures, partnerships, and financings in Asia.”
O’Shea commented, “I am excited to lead England & Company’s expansion in Singapore. This is a vibrant and diverse market, and we see a tremendous opportunity to provide our industry-focused M&A advisory and private financing services to entrepreneurs, family offices, sovereign wealth funds, established corporations, and the growing private equity and venture capital community in the Asia-Pacific region.”
Tan added, “with its collaborative culture and deep industry knowledge, England & Company is well positioned to fill a significant void in Singapore as an established and highly experienced American investment bank focused on creating growth opportunities for middle-market and large-cap companies throughout both Asia and North America.”
August 2023 – England & Company is pleased to announce that it has recently served as exclusive financial advisor to CG Power and Industrial Solutions Limited (NSE:CGPOWER) in its divestiture of QEI, LLC (“QEI”) to HC Private Investments.
CG, based in Mumbai, India, is a global pioneering leader in the management and application of electrical energy, operating in around 85 countries. Its QEI business, headquartered in Springfield, NJ, is a pioneer in the SCADA and substation automation industry, specializing in electrical network monitoring and control systems and offering innovative hardware and software solutions. Established in 1960, QEI’s unwavering commitment to quality and customer satisfaction solidifies its position as a trusted leader in the utility and transit sectors.
“England & Company’s transaction team was instrumental in navigating us through the many complexities of this sale,” said Normand Lavoie, President of QEI, LLC. “It was extremely helpful to have a partner with in-depth knowledge of the industry, and the England team was key in ensuring our Parent Company’s interests were well-represented.”
About CG Power and Industrial Solutions Limited
CG is an engineering conglomerate based in India with a diverse portfolio of products, solutions, and services for the industrial, power, and railway industries. With a footprint and manufacturing facilities in nine countries, CG is fast emerging as a first-choice supplier of high-quality, smart electrical, industrial and consumer products and solutions worldwide.
About HC Private Investments
HC Private Investments is a private equity investment firm focused on investing in manufacturing businesses within the consumer and industrial markets. With a focus on being the first institutional investor in a business, HCPI seeks to partner with business owners, executives, and management teams to identify opportunities to remove impediments to growth, enabling companies to maximize their full value potential.
August 2023 – England & Company is pleased to announce that it recently served as exclusive financial advisor to D.N.E., LLC (“DNE”) in the sale of its SEAL External Fixation (“SEAL”) business to Enovis Corporation (NYSE: ENOV), a large and rapidly growing challenger in orthopedics and a leader in the foot & ankle market. This represents England’s 7th transaction in foot & ankle orthopedics and 11th transaction in orthopedics generally.
Based in Boca Raton, FL, SEAL produces industry-leading external fixation devices for foot & ankle orthopedics. SEAL’s innovative proprietary devices have proven highly effective in treating a range of lower limb conditions. SEAL is the largest privately-held business in the U.S. focused on external fixation for this market, and many physicians and distributors regard SEAL’s products as the best.
SEAL’s leadership position has been driven by its design of features that afford physicians much greater speed, ease of use, and flexibility in assembling frames onto patients. Enovis’ acquisition of the product portfolio demonstrates their continued dedication to the foot & ankle space, as they aim to become a leader in the market by offering innovative and comprehensive solutions for surgeons and their patients.
“It was crucial to find a buyer committed to excellence and innovation for this product line, and we believe that Enovis will be able to grow the business significantly,” said Nick Riccione, President and CEO of DNE. Riccione added, “England’s expertise and relationships in the orthopedic extremity sector helped us prepare for due diligence and navigate the process of securing an ideal buyer in Enovis. This transaction lays the foundation for this business to gain global reach.”
About DNE SEAL
DNE SEAL specializes in foot & ankle external fixation. Their systems have been used to treat deformities and fractures and perform fusions. The SEAL system combines angular correction clamps and a rail system to help surgeons achieve better bone alignment. SEAL has a broad product portfolio that includes circular frames, a Speed Frame, pin-to-bar frames, and mini rails. The Circular Frame is used for fractures and fusions, flat foot, as well as Charcot reconstruction and limb salvage for patients with advanced diabetes. The extreme versatility of the product allows for a wide variety of applications, including angular corrections, Equinus corrections, club foot reconstructions, and other procedures. SEAL Technology includes novel outboard angular correction clamps, which allow the surgeon much more correction flexibility and to easily access wounds in diabetic foot ulcer patients for dressing changes. This technology saves time in the operating room and post-surgical care.
About Enovis Corporation
Enovis Corporation is a leading medical technology company prioritizing innovation to create advanced solutions that improve patient outcomes and streamline workflows. With a global team of talented individuals, Enovis continuously improves its wide range of products, services, and integrated technologies to support active lifestyles in orthopedics and other areas of healthcare.
August 2023 – England & Company is pleased to announce that it recently served as exclusive placement agent in Flume, Inc.’s (“Flume”) recent growth financing provided by HCAP Partners, a California-based private equity firm and nationally recognized impact investor.
Flume, based in San Luis Obispo, CA, is making significant contributions toward conservation and sustainability as the best-in-class provider of high-definition water data and analytics to consumers, the water technology industry, and the water resource management ecosystem. This funding will enable Flume to expand its operations, customer base, and corresponding market share through working capital and geographical expansion.
“We were fortunate to have the guidance and support of England & in securing essential funding to achieve our mission. We had the England team’s full support throughout the process, top to bottom. This funding will enable us to expand our business and reach new heights. As CEO, I am delighted to continue pushing the boundaries of innovation and introducing new solutions for our customers, as well as utilities and government stakeholders,” expressed Ric Miles, CEO of Flume.
Flume brings unprecedented insights into residential water use to both homeowners and water utilities. Using Flume, homeowners can save water through 24/7 water monitoring for indoor and outdoor water consumption, customizable leak detection, detailed breakdowns and insights into individual water appliances, and suggested water budgets. With a simple installation process requiring no plumbers or pipe cutting, Flume provides the in-depth water use details and control functionality necessary to mitigate issues before they result in high water bills or costly damages.
Inspired by California’s record drought, Flume empowers homeowners to understand their use better and conserve water. By providing real-time water use information, Flume protects the home, puts the power of water consumption and conservation in the customer’s hands, and improves the relationship with our most precious resource. The Flume® Smart Water System consists of an easy-to-install sensor that adapts to most existing home water meters, communicating water use to the homeowner in real-time. To date, Flume has tens of thousands of devices installed across the United States. Flume bridges the gap between consumers and water providers to fundamentally change how we understand and access water data.
About HCAP Partners
HCAP Partners is a diversely owned private equity firm specializing in providing mezzanine debt and private equity for underserved, lower-middle market companies throughout California and the Western United States. The firm seeks to invest $3 million to $25 million in established businesses generating between $10 million and $100 million in revenues in the healthcare, software, services, and manufacturing industries.
August 2023 – England Securities is pleased to announce that it served as exclusive financial advisor to EI Electronics LLC (“Electro Industries/GaugeTech”) in its sale to Hubbell Power Systems, Inc. (“HPS”), a subsidiary of Hubbell Incorporated (NYSE: HUBB).
Electro Industries/GaugeTech, based in Westbury, New York, provides advanced energy management systems and power meters that leverage predictive analytics, cloud services, and artificial intelligence for utility and commercial and industrial customers.
For over 45 years, Electro Industries/GaugeTech has led the way in energy management and power monitoring. They offer comprehensive energy management solutions that incorporate cutting-edge metering technology and AI-powered energy management.
HPS, headquartered in Columbia, South Carolina, operates manufacturing facilities in the United States and around the world. HPS is a subsidiary of Hubbell Incorporated and an international manufacturer of quality transmission, distribution, substation, OEM, and telecommunications products for a broad range of non-residential and residential construction and electric, gas, and water utility applications.