Smiths Interconnect, a division of global technology business Smiths Group plc, today announces the completion of its purchase of Power Holdings Inc. (PDI), a leading designer and manufacturer of specialist power distribution, conditioning and monitoring systems. This follows receipt of regulatory approval for the $235m acquisition, first announced on 2 September 2011.
Based in Richmond, Virginia, PDI is the parent company of Power Distribution, Inc., Marelco Power Systems, Inc. and Onyx Power, Inc. It produces power distribution units, static transfer switches, remote power panels, power conditioning units, medium and low voltage transformers and patented power monitors used mainly in data centre and alternative energy applications. The acquisition, from private equity firm Bertram Growth Capital, was cash-funded.
Smiths Interconnect's strategy is to build its core technology groups: microwave; connectors and power management. Recent acquisitions have significantly expanded the product offerings and capabilities of the connectors and microwave groups. The acquisition of PDI transforms the existing power protection group with a new range of products and growth opportunities.