Pioneer Power sells PCEP business to Mill Point for $50M in cash and equity

Pioneer Power (PPSI) Solutions announced it has sold its Pioneer Custom Electrical Products PCEP business unit to Mill Point Capital , a middle-market private equity firm located in New York City, for $50M in a cash and equity transaction. PCEP is the Company’s Electrical Infrastructure business, which provides energy solutions that allow users to effectively and efficiently protect, control, transfer, monitor and manage their electrical energy usage and requirements. PCEP markets many of these solutions under the “E-Bloc” brand. In a separate press release, Mill Point announced the formation of Voltaris Power, an electrical power solutions platform created by acquiring two distinct entities, PCEP and Jefferson Electric, in two independent transactions. Mill Point expects the combination of PCEP and the Jefferson Electric transformer business to allow Voltaris to more effectively serve electric power end markets that are at the heart of the energy transition and re-electrification of America. Pioneer will also receive a minority equity stake in Voltaris as part of the transaction.