EDMONTON, Alberta & TIPP CITY, Ohio--(BUSINESS WIRE)--Copley Equity Partners LLC (“Copley”), a private investment firm focused on growing middle market companies, today announced the merger of Magna IV Engineering, Inc. (“Magna IV”) and Power Solutions Group Ltd. (“Power Solutions”). Kelly Butz, CEO of Magna IV, and Barry Willoughby, Owner of Power Solutions, have retained significant ownership and will continue to lead the combined business. Financial terms were not disclosed.
Combining Magna IV and Power Solutions creates a leading provider of International Electrical Testing Association (“NETA”) accredited electrical testing, maintenance, and repair services as well as electrical engineering services with deep expertise in high downtime cost industries including industrial, data center, oil & gas, utility, mining, agriculture, infrastructure and commercial end markets. Furthermore, the Company will leverage its base of 180 technicians and engineers across 16 offices throughout the U.S., Canada and Chile to continue providing critical electrical power grid solutions to its customers.
Andy Miller, Managing Director at Copley Equity Partners, said, “Copley is excited to merge two leading NETA accredited firms to strengthen the platform’s technical capabilities. Combining Magna IV and Power Solutions’ expertise and broad geographic presence will create a one-stop power solutions provider for our customers. We look forward to supporting and accelerating Magna IV and Power Solutions’ growth plan both organically and through acquisitions.”
Kelly Butz, CEO of Magna IV, said, “Power Solutions is a strong partner for us and brings to Magna IV deep experience and strong customer relationships within the attractive industrial, data center and infrastructure markets. Combined, our companies will be even better positioned to continue serving our customers' technical service needs.”
Barry Willoughby, Owner of Power Solutions commented, “We are delighted to partner with Magna IV which has almost 40 years of strong operational experience and a particularly strong presence in Canada as well as Copley Equity Partners which brings substantial knowledge and resources to help us execute on our strategic growth plan.”
About Magna IV Engineering
Founded in Edmonton, Canada in 1982, Magna IV Engineering is a NETA accredited power & automation solutions provider, focusing on electrical engineering and technical field services. Magna IV designs, commissions, maintains, and repairs power and control systems anywhere electricity is used. www.magnaiv.com
About Power Solutions Group
Founded in Tipp City, Ohio in 2006, Power Solutions Group is a NETA accredited power & automation solutions provider, focused on timely innovative solutions to create safe high-powered electrical systems. Power Solutions’ engineers and technicians have years of experience in detecting, preventing, troubleshooting, and solving a wide variety of power distribution issues in the industrial world through testing, new technology, and custom switchgear fabrication. www.powersolutionsgroup.com
About Copley Equity Partners
Established in 2012, Copley is a private investment firm with offices in Denver and Boston. Copley partners with growing, lower-middle market private companies. The firm invests out of an evergreen, single family office capital base and is comfortable in both majority and minority ownership positions. Copley’s patient and flexible capital base allows the firm to provide each portfolio company significant support post investment. www.copleyequity.com