MacLean Power secures majority investment from Centerbridge

MacLean's previous majority owner MacLean-Fogg Holdings will continue to hold a minority ownership stake.

  • Steve Scharnhorst will remain as CEO of MPS
  • Lincoln International LLC served as financial advisor to MacLean-Fogg and MacLean Power Systems while Wells Fargo Securities, LLC served as financial advisor to Centerbridge
  • MacLean Power was founded in 1986

Centerbridge Partners has made a majority investment in MacLean Power Systems, a maker of products for transmission, distribution, substation, and communications infrastructure. No financial terms were disclosed.

MacLean’s previous majority owner, MacLean-Fogg Holdings, will continue to hold a minority ownership stake in MPS following the transaction. Steve Scharnhorst will remain as CEO of MPS.

MacLean-Fogg is a maker of fastener components, engineered components, and engineered plastics for automotive, heavy truck, and other diverse industries.

“MacLean Power Systems is a market leader in highly attractive categories and is well positioned to benefit from powerful secular tailwinds driving investment in the North American electrical grid and communications infrastructure. We look forward to supporting the Company’s growth and its strategic initiatives,” said Steven M. Silver, global co-head of private equity and senior managing director at Centerbridge, in a statement.

MacLean Power was founded in 1986.

Lincoln International LLC served as financial advisor to MacLean-Fogg and MacLean Power Systems on the transaction while Winston & Strawn LLP served as legal counsel to MFC and MPS. Wells Fargo Securities, LLC served as financial advisor to Centerbridge, and Kirkland & Ellis served as legal counsel to Centerbridge.

Centerbridge Partners was founded in 2005. As of August 31, 2022, Centerbridge has approximately $34 billion in capital under management with offices in New York and London.