Hubbell, a U.S.-based provider of utility and electrical solutions, has entered into a definitive agreement to acquire DMC Power, a portfolio company of Golden Gate Capital, for $825 million in cash. The transaction is expected to close by the end of 2025, pending regulatory approvals and other standard closing conditions.

The deal is anticipated to positively impact Hubbell’s adjusteds earnings per share tarting from 2026.

DMC Power specializes in connectors and tooling for utility substation and transmission markets, offering advanced connector technology systems critical for high-voltage power infrastructure. The company employs over 350 people across its manufacturing facilities in Carson, California, and Olive Branch, Mississippi, and operates multiple distribution centers throughout North America. For 2026, DMC Power projects revenues of $130 million and earnings before interest, taxation, depreciation, and amortization of $60 million.

Gerben Bakker, Hubbell’s chairman, president, and CEO, expressed enthusiasm about the acquisition, stating: “We are excited to add another high-growth, high-margin business to Hubbell’s utility solutions portfolio.” He added: “As load growth, datacenter buildouts, and aging infrastructure drive highly visible utility substation and transmission investment over the next several years, the acquisition of DMC Power expands Hubbell’s strong presence in these attractive markets.” The acquisition will be financed through a combination of cash and debt.

Greg Gumbs, president of Hubbell’s utility solutions, highlighted the strategic fit, stating: “DMC Power’s swage connection system offers a strong complement to our existing substation and transmission connector solutions.” He noted: “This acquisition will deepen and broaden Hubbell’s technology offering with our core customers, enabling fast, reliable buildout of substation infrastructure and datacenter interconnections while further accelerating our near and long-term growth profile.” The deal is expected to enhance Hubbell’s adjusted earnings per share starting in 2026.

DMC Power’s CEO, Tony Ward, reflected on the company’s achievements, stating: “I want to extend my thanks to our dedicated employees and customers whose commitment has driven DMC’s success. As the pioneers behind swage technology for utilities, we are proud to have developed a world-class solution that is transforming the industry.” He added: “By joining forces with Hubbell, we are confident that swage will accelerate its industry adoption and that our customers will continue to receive the high-quality service and solutions they have come to expect from DMC.”

Financial advisory services for Hubbell were provided by Stephens, with legal counsel from Holland & Knight. Harris Williams and Lincoln International served as financial advisors to Golden Gate Capital, with legal counsel provided by Paul, Weiss, Rifkind, Wharton & Garrison. The acquisition strengthens Hubbell’s position in the utility sector, aligning with growing demand for reliable power infrastructure solutions.