Kirkland Advises Centerbridge-Backed MacLean on Merger with Power Grid Components

"Kirkland & Ellis advised Centerbridge Capital Partners and its portfolio company MacLean Power Systems (MPS) on a definitive agreement to merge MPS with Power Grid Components (PGC), a portfolio company of Blackstone Energy Transition Partners and Blackstone Capital Partners. The deal includes a recapitalization under which Blackstone-affiliated funds will become majority owner; terms were not disclosed."

Kirkland & Ellis advised Centerbridge Capital Partners and its portfolio company, MacLean Power Systems (MPS), in connection with a definitive agreement to merge MPS with Power Grid Components (PGC). The transaction contemplates a merger of MPS and PGC and a concurrent recapitalization of MPS. Under the terms of the transaction, PGC’s existing financial sponsor—funds affiliated with Blackstone Energy Transition Partners and Blackstone Capital Partners—will become the majority owner of the combined company by acquiring the ownership interests in MacLean currently held by Centerbridge. The combined company is intended to create a unique platform to serve U.S. utilities amid increased demand driven by rising power consumption, electrification, aging infrastructure, grid hardening trends and an evolving power supply. Terms of the transaction were not disclosed. Kirkland & Ellis represented Centerbridge Capital Partners and MacLean Power Systems (MPS) with a team composed by: corporate lawyers Maggie Flores, Jimin He and John McKelvey; tax lawyers Mike Beinus, Polina Liberman, David Gilbert and Eli Kukharuk; debt finance lawyers Judson Oswald, Paul Rezvani and Negin Fatahi; and antitrust & competition lawyers Matt Reilly and Chuck Boyars.

Kirkland Advises Centerbridge-Backed MacLean on Merger with Power Grid Components

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