JMadison River Capital (MRC), a lower middle market private equity firm, has announced the completion of a $190 million (£146.8m) recapitalisation of and $70 million (£54.1m) equity investment in JDC Power Systems (JDC), a leading electrical systems integrator exclusively serving the data centre market.
This transaction marks MRC’s second investment in the past seven months, following its spin out from the family office of Tony James, the former Executive Vice Chairman of Blackstone.
Headquartered in Armonk, New York, JDC specialises in providing technical services and equipment to customers in the data centre market. JDC is an integrator of customer design, engineering, procurement, installation, start-up, commissioning and warranty, for mission-critical power and control systems. The company’s expertise in coordinating with utility power grids minimises the risks of redesigns, delays, or system failures.
“We were drawn to JDC because of its impressive track record of delivering highly technical solutions and innovative products that provide significant competitive advantages in the growing data centre industry,” says David Wittels, Managing Partner and President of MRC.
“We are excited to partner with Joe, Richard, and their talented team to support the company’s continued growth and enhance career opportunities for its employees,” notes Matthew Clancy, Principal at MRC.
“We are delighted to collaborate with Madison River Capital, whose investment acumen and operational expertise will be instrumental in supporting JDC’s growth trajectory,” adds Joe Mastromonaco and Richard Corbin, Co-Founders of JDC. “We look forward to leveraging MRC’s capabilities to better serve our customers and capitalise on the immense growth opportunities in the data centre market.”
As part of the transaction, Kenneth Brown, a Senior Managing Director at MRC, has been appointed Chairman, and Grace Niland has been appointed Chief Human Resources Officer of JDC.
Kenneth has over 20 years of senior executive experience, including serving as a Group President of Roper Industries and in multiple executive roles at Schneider Electric (formerly known as Invensys) prior to joining MRC.
Grace most recently served as Director of Human Resources for Corning, and she previously spent over 25 years with Raytheon Technologies (formerly known as United Technologies Corporation) in various human resources leadership roles.
Kenneth and Grace are both members of MRC’s seasoned team of operating executives, who bring industry-specific best practices and best-in-class cross-functional expertise to MRC’s portfolio companies. This team also includes Derek Irwin, Jeff Winter, and Jennifer Steeves-Kiss.
