Hubbell Incorporated Completes Acquisition of Systems Control

Rhea-AI Summary

Hubbell Incorporated (NYSE: HUBB) has completed the acquisition of Systems Control, a leading manufacturer of substation control and relay panels, as well as turnkey substation control building solutions. The acquisition was financed with net proceeds from borrowings under a new unsecured term loan facility of $600 million, cash on hand, and issuances of commercial paper.

Positive

• Acquisition of a leading manufacturer in the substation control industry
• Expansion of Hubbell's product offerings and market presence

Negative

• None.

Shelton, CT, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Hubbell Incorporated (NYSE: HUBB) (“Hubbell”) today announced that it has completed its acquisition of Northern Star Holdings, Inc. (commercially known as Systems Control), a portfolio company of Comvest Partners. Hubbell financed the acquisition and related transactions with net proceeds from borrowings under a new unsecured term loan facility in the aggregate principal amount of $600 million, cash on hand, and issuances of commercial paper.

Systems Control is a leading manufacturer of substation control and relay panels, as well as turnkey substation control building solutions. These highly engineered offerings are mission-critical to grid reliability, enabling utility customers to protect and control substation infrastructure while detecting faults and controlling the flow of electricity.

About Hubbell

Hubbell Incorporated is a leading manufacturer of utility and electrical solutions enabling customers to operate critical infrastructure safely, reliably and efficiently. With 2022 revenues of $4.9 billion, Hubbell solutions electrify economies and energize communities. The corporate headquarters is located in Shelton, CT.

FAQ

What company did Hubbell Incorporated acquire?

Hubbell Incorporated (NYSE: HUBB) acquired Systems Control, a leading manufacturer of substation control and relay panels.

How was the acquisition financed?

The acquisition was financed with net proceeds from borrowings under a new unsecured term loan facility of $600 million, cash on hand, and issuances of commercial paper.

What does Systems Control specialize in?

Systems Control specializes in substation control and relay panels, as well as turnkey substation control building solutions.

What are the benefits of Systems Control's offerings?

Systems Control's offerings are mission-critical to grid reliability, enabling utility customers to protect and control substation infrastructure while detecting faults and controlling the flow of electricity.