Hubbell agreed to acquire DMC Power, LLC, a provider of connectors and tooling for utility substation and transmission markets, for $825 million in cash, subject to adjustments. The transaction, expected to close by the end of 2025 pending regulatory approvals, will be financed with cash and debt and is projected to enhance Hubbell’s adjusted EPS in 2026.
DMC Power, a portfolio company of Golden Gate Capital, designs and manufactures connector technology systems for high-voltage power infrastructure. With over 350 employees, two manufacturing facilities in Carson, CA, and Olive Branch, MS, and multiple distribution centers across North America, DMC anticipates 2026 revenue of approximately $130 million and EBITDA of $60 million.
The acquisition strengthens Hubbell’s Utility Solutions portfolio by integrating DMC’s swage connection system, which complements Hubbell’s existing substation and transmission connector offerings. This move aligns with market trends driven by load growth, datacenter interconnections, and aging infrastructure, expanding Hubbell’s presence in utility substation and transmission markets.
Gerben Bakker, Hubbell’s Chairman, President, and CEO, noted that the acquisition adds a business with a strong growth and margin profile to its portfolio. Greg Gumbs, President of Hubbell Utility Solutions, emphasized that DMC’s technology will support faster and more reliable substation infrastructure and datacenter buildouts, enhancing Hubbell’s offerings to core customers.
Javier Puig, Managing Director at Golden Gate Capital, highlighted DMC’s rapid organic growth since their 2023 investment, driven by expanded facilities, new machinery, innovative products, and entry into new market segments. Tony Ward, CEO of DMC Power, credited the company’s success to its employees and customers, noting that its swage technology has transformed the utility industry. Ward expressed confidence that joining Hubbell will accelerate the adoption of swage technology while maintaining high-quality service.
Stephens Inc. and Holland & Knight LLP advised Hubbell, while Harris Williams, Lincoln International, and Paul, Weiss, Rifkind, Wharton & Garrison LLP advised Golden Gate Capital.
