Madison River Capital Announces Investment in JDC Power Systems
July 11 2024 - 8:30AM
Business Wire
Represents MRC’s Second Investment Following
its Spin Out from Tony James’ Family Office
Positions JDC for Further Growth in Rapidly
Expanding Data Center Market
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.
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Akash Lodh FGS Global akash.lodh@fgsglobal.com