On October 1, 2025, Hubbell Incorporated, through its wholly owned subsidiary Hubbell Power Systems, Inc. (HPS), completed its acquisition of DMC Power, LLC from an affiliate of Golden Gate Capital. The transaction was effected through HPS's purchase of all of the issued and outstanding capital stock of Power Rose Acquisition, Inc., the parent company of DMC Power, for US$825 million in cash, subject to a customary working capital adjustment, pursuant to a share purchase agreement dated August 11, 2025.
DMC Power is a designer and manufacturer of connector technology systems for high-voltage power infrastructure, with more than 350 employees and two manufacturing facilities in Carson, California and Olive Branch, Mississippi, along with multiple distribution facilities across North America. Its swaged connection systems and tooling for utility substation and transmission markets complement Hubbell's existing connector solutions, and the business has been added to Hubbell's Utility Solutions segment. DMC Power anticipated 2026 revenue of approximately US$130 million and EBITDA of approximately US$60 million.
Hubbell financed the acquisition and related transactions using a combination of commercial paper issuances and net proceeds from borrowings under a new unsecured term loan facility in the aggregate principal amount of US$600 million. On September 29, 2025, Hubbell entered into the term loan agreement with a syndicate of lenders and JPMorgan Chase Bank, N.A. as administrative agent. Golden Gate Capital had acquired DMC Power in 2023.
Borden Ladner Gervais LLP acted as Canadian counsel to Hubbell Power Systems, Inc., with a team led by Frazer House (Toronto) that included Benjamin Fuhrmann. Holland & Knight LLP acted as US legal counsel to Hubbell, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as US legal counsel to Golden Gate Capital, the seller. Stephens Inc. served as financial advisor to Hubbell, while Harris Williams and Lincoln International served as financial advisors to Golden Gate Capital.