NEW YORK & ARMONK, N.Y.--(BUSINESS WIRE)--Madison River Capital (“MRC”), a lower middle market private equity firm, today announced the completion of a $190 million recapitalization of and $70 million equity investment in JDC Power Systems (“JDC” or the “Company”), a leading electrical systems integrator exclusively serving the data center 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 specializes in providing technical services and equipment to customers in the data center 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 minimizes 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 center industry," said 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," said 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," said Joe Mastromonaco and Richard Corbin, co-founders of JDC. "We look forward to leveraging MRC's capabilities to better serve our customers and capitalize on the immense growth opportunities in the data center 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. Mr. Brown 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. Ms. Niland most recently served as Director of Human Resources for Corning, Inc., and she previously spent over 25 years with Raytheon Technologies (formerly known as United Technologies Corporation) in various human resources leadership roles.
Mr. Brown and Ms. Niland 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.
Carl Marks Securities acted as exclusive financial advisor to JDC Power Systems.
About Madison River Capital
Madison River Capital (MRC) is a lower middle market private equity firm that invests across a variety of industries, with a focus on healthcare services, industrials and business services. It partners with founders and management teams to enhance business growth and drive sustainable value creation. MRC was formed through the spin out of the corporate private equity investment team of Jefferson River Capital, the family office of Tony James. It is comprised of 12 investment professionals and operating executives with extensive experience and a decade-long history of collaboration. For more information, please visit www.mrivercapital.com.
About JDC Power Systems
JDC Power Systems is an electrical systems integrator specializing in mission-critical power distribution and control solutions for data centers. Founded in 2000 and based in Armonk, New York, JDC provides comprehensive technical services including engineering, procurement, equipment start-up and installation oversight, ensuring reliability and efficiency in data center construction and operations. For more information, please visit www.JDCPowerSystems.com.