MacLean Power Systems and Power Grid Components Complete Merger; Combined Company to Move Forward as MacLean Power Systems

Steve Scharnhorst to Serve as CEO; Mike Plaster Named President

FORT MILL, S.C. and BESSEMER, Ala., March 4, 2026 /PRNewswire/ -- MacLean Power Systems ("MPS" or "MacLean Power") and Power Grid Components ("PGC"), two leading manufacturers of engineered components and solutions for electrical transmission, distribution, substation and communication infrastructure, today announced the closing of their previously announced merger. Funds affiliated with Blackstone Energy Transition Partners and Blackstone's flagship private equity strategy ("Blackstone") have become the majority owner of the combined company. In connection with the transaction, an affiliate of Centerbridge Partners ("Centerbridge"), will be making a new investment into the combined company. The platform – one of the largest suppliers of highly-engineered utility equipment in North America – will move forward as one entity under the MacLean Power Systems name. Following the transaction, PGC's portfolio of products, including Allied Bolt, Elliott, ITEC, Meister, Mid-Central, Newell, Royal Switchgear and Vizimax, will become part of the MacLean Power Systems family.

Alongside the completed merger, MPS is pleased to announce leadership updates as it moves into its next phase of growth. Steve Scharnhorst, current CEO of MacLean Power Systems, will lead the combined company. Mike Plaster will transition from CEO of Power Grid Components to President of MacLean Power Systems, leading all commercial and operational activities across the platform.

Steve Scharnhorst, CEO of MacLean Power Systems, said: "Today is an exciting milestone for MPS and our customers. Bringing together these highly complementary businesses strengthens MPS' ability to support the construction, maintenance, repair and upgrade of critical grid infrastructure through a comprehensive portfolio of high-quality, customer-driven engineered solutions. We look forward to Leading the Way™ to a more resilient grid together as an industry-leading platform."

Mike Plaster, President of MacLean Power Systems, added: "MacLean Power is a premier brand in our industry, built on decades of providing reliable, high-quality, essential components for the power grid and adjacent industries. I'm excited to partner closely with Steve and our combined teams as we expand our portfolio and capabilities to continue to best serve our customers across all segments of the electrical grid."

JP Munfa, Senior Managing Director, and Mark Zhu, Managing Director, at Blackstone, said: "MacLean Power plays a vital role in supporting the safety, efficiency, and resiliency of the grid. We are thrilled to partner with Steve, Mike, and the entire team to work on building an even stronger, scaled platform that is well positioned to support rapidly growing electrical infrastructure needs."

Conor Tochilin, Senior Managing Director at Centerbridge, said: "We congratulate Steve and the entire MPS team on their outstanding success to date. Centerbridge is excited to reinvest in the combined MacLean Power platform, building on the strong foundation we've established together and backed by a proven management team. We look forward to partnering with Blackstone to support the combined company's next stage of growth as it accelerates its momentum and continues to benefit from powerful secular tailwinds."

Terms of the transaction were not disclosed.

About MacLean Power Systems
MacLean Power Systems is a leading manufacturer of engineered products and solutions used in the maintenance, repair, upgrade, and construction of transmission, distribution, and substation infrastructure. Leading the Way™ in innovation and delivery, MPS is dedicated to keeping the power infrastructure performing optimally by supplying world-class solutions to fulfill the needs of customers who maintain electrical services to consumers worldwide. Learn more at www.macleanpower.com. 

About Power Grid Components
PGC powers the evolving grid with reliable, responsive solutions. As a leading domestic supplier of critical grid equipment, we fortify its capacity, resilience, and safety. And through tailored solutions and partnerships with utilities, OEMs, packagers, distributors, and end users, we keep America's power flowing. Learn more at https://pgc.com/.

About Blackstone Energy Transition Partners
Blackstone Energy Transition Partners is Blackstone's strategy for control-oriented equity investments in energy-related businesses, with a successful long-term record, having committed over $27 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering more reliable, affordable and cleaner energy to meet the growing needs of the global community. In the process, we work to build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders. Further information is available at https://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/. 

About Blackstone
Blackstone is the world's largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone's $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Centerbridge Partners
Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines―Private Equity, Private Credit, and Real Estate―in an effort to develop the most attractive opportunities for our investors. The Firm was founded in 2005 and, as of December 31, 2025, has approximately $45 billion in assets under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies. For more information, please visit www.centerbridge.com and LinkedIn.

Media Contacts

MacLean Power Systems
Gustavo Alvarado
[email protected]

Power Grid Components
Elisabeth Law
[email protected]

Blackstone
Hallie Dewey
[email protected]

Jennifer Heath
[email protected] 

SOURCE MacLean Power Systems