CE Power and Power Grid Engineering Merge and Form New Holding Company
For more information, contact: Kevin Kenealey, Senior Managing Direct, 414-727-6400
MILWAUKEE (September 5, 2018) – Mason Wells is pleased to announce that its portfolio company, CE Power, has merged with Power Grid Engineering (“PGE”) under a newly formed holding company, Qualus Power Services Corp. The combination creates a leading company in the outsourced power systems engineering and field services industry. Both CE Power and PGE will operate as wholly-owned subsidiaries of Qualus Power Services and continue to provide services from their existing operations and under their existing brand names. The transaction is the fifth completed by CE Power since the company partnered with Mason Wells in 2015.
The name of the new holding company, Qualus, was chosen by the companies based on the Latin word for quality - “qualis.” Outstanding service quality is the foundation of both companies, and the combination will allow the businesses to continue their industry-leading investment in safety, quality assurance, and human performance initiatives.
Additionally, PGE’s expertise in transmission substation engineering and field services, including protection and control (“P&C”) services, will be combined with CE Power’s testing, commissioning, maintenance, and turnkey engineering, procurement and construction (“EPC”) services to create one of the most comprehensive sets of service offerings in the industry. The combined business will operate from over 20 field and engineering locations, provide services in over 30 States and operate with over 650 employees, the vast majority of whom are power engineers, P&C field technicians or NETA-certified field technicians.
The management team of the holding company, Qualus Power Services, will be comprised of executives from both PGE and CE Power under the leadership of CEO, Paul Cody. The operating subsidiaries, Power Grid Engineering, and CE Power will continue to operate as they do today with the employees of both companies continuing to play the same integral role in the success of the companies. The ownership of the holding company is comprised of the existing owners of CE Power and PGE and their respective management teams, including significant ownership by the founders of PGE, Michael Wright, Andre Uribe, and Glenn Durie.
“We are honored and excited to combine CE Power with Power Grid Engineering to form an industry leader,” stated the Chief Executive Officer of Qualus Power Services, Paul Cody. “Led by Michael Wright, Andre Uribe, and Glenn Durie, PGE has built the premier company providing transmission P&C engineering and field services with top-tier quality. Today’s merger adds CE Power’s broad power services capabilities to PGE’s P&C capabilities to provide expanded services and geographic reach for the clients of both companies. I believe our clients, employees, and suppliers will benefit from this merger as we continue to grow as a premier independent power services provider. This expansion reinforces our unwavering commitment to our clients in providing quality work, a culture of safety & human performance, as well as our dedication to our employees’ continued professional growth and development.”
Michael Wright, President of Power Grid Engineering, commented “By partnering with CE Power under Qualus Power Services, we will be able to provide our clients a new breadth of service capabilities, while continuing our core focus on transmission substation engineering and field services. I am particularly excited to introduce CE Power’s EPC services and broad switchgear and apparatus engineering, testing, commissioning, and maintenance services to our power transmission clients and their power generation and distribution colleagues.”
About Mason Wells
Mason Wells is a leading Midwest-based private equity firm with approximately $1.0 billion in assets under management across its current private equity funds. Mason Wells is currently investing out of Mason Wells Buyout Fund IV, a $615 million fund. Since Mason Wells was formed in 1998, its buyout funds have invested in four specific industry sectors: Consumer Packaged Goods, Outsourced Business Services, Engineered Products & Services, and Packaging Materials & Converting. For more information related to Mason Wells, please visit the firm’s website at www.masonwells.com.
About Qualus Power Services
Qualus Power Services provides electric power engineering and field services through its wholly-owned subsidiaries, CE Power and Power Grid Engineering. The business operates from over 20 field and engineering locations and provides services in over 30 States through over 650 employees, the vast majority of whom are power engineers, P&C field technicians or NETA-certified field technicians.
About CE Power
CE Power is a leading independent provider of outsourced power system engineering, project management, testing, and maintenance services that enhance the functionality and reliability of the electric grid. CE Power provides its services to electric utilities and industrial companies, and commercial clients with critical power applications such as hospitals and data centers. CE Power’s services are delivered with the core business values of honesty and safety for employees, customers, and suppliers. CE Power is committed to being the leading-edge service provider to ensure asset integrity for new and existing electric power systems. To learn more about CEP visit www.cepower.net.
About Power Grid Engineering, LLC
Power Grid Engineering, LLC specializes in substation design, field testing and commissioning and consultation for the power systems industry. Its corporate headquarters are located in Central Florida with regional offices in Birmingham, Alabama, El Dorado, Kansas and Raleigh, North Carolina, each equipped with the most current industry resources available to ensure high-quality customer service. Power Grid Engineering’s services include relay settings, protection and control, substation engineering, generation interconnect, field services, planning and systems studies, program management and power systems training. To learn more about PGE visit www.powergridengineering.com.