Power Alley 9/30/2026

Power Alley™, by Industria Partners, is a collection of articles focusing on trends and transactions across the electrical infrastructure value chain. 

Industria will be attending the NECA Convention in Las Vegas on October 5 – 6th. We encourage you to reach out to Julia McMillan or Ren Lubchenco to schedule time for additional dialogue and market insights.

Chart of the Week: 

Power and utilities mergers and acquisitions reached a record US$205 billion in aggregate announced transaction value across 92 deals in the first half of 2026, more than triple the value for the same period in 2025. – Deloitte

Recent Market News:

• The DOE’s Speed to Power initiative selected 31 grid-improvement projects across 26 states that pairs $1.9 billion in federal funding with $3.35 billion in recipient cost-share funding, centered on reconductoring and other advanced transmission technology upgrades. – U.S. Department of Energy
• The U.S. House passed the Ratepayer Protection Act requiring state utility commissions to consider large-load standards ensuring that data centers using more than 100 megawatts pay the full incremental costs of serving their loads. – House Energy and Commerce Committee 

Transactions:

• 9/30/2026: Fusion Capital Partners acquired Pioneer Power Group, a provider of power system engineering and field services. – Business Wire
• 9/29/2026: Endure Critical Solutions acquired Powerwave Energy Solutions, a provider of UPS and battery services for data centers and mission-critical facilities. – PR Newswire
• 9/25/2026: Rexel entered into an agreement with Audax Private Equity to acquire GCG, a provider of wire, cable, connectivity, and power solutions for critical infrastructure. – Rexel
• 9/23/2026: Osmose Utilities Services acquired the utility services division of Alamon, a provider of electric and telecom utility infrastructure assessment and pole-inspection services. – Osmose
• 9/22/2026: Willdan entered into a definitive agreement to acquire Mantis Innovation, a provider of building-performance and energy-management solutions through managed facility services and turnkey program management, for $285 million. – Willdan
• 9/18/2026: H.I.G. Capital entered into a definitive agreement to acquire MISTRAS Group, a provider of asset-integrity and laboratory testing solutions for power generation and transmission, for ~$866 million. – MISTRAS Group
• 9/18/2026: Mission Critical Group (Emerald Lake Capital Management), a provider of electrical infrastructure solutions for data centers, manufacturing plants, and energy infrastructure, closed a preferred investment led by Liberty Mutual Investments. – Mission Critical Group

In-Depth Read:
Power and utilities M&A 2026 midyear update: Deal activity reinforces scale, speed, and scarcity – Deloitte

Podcast:
US Grid Ban Hits Batteries Hardest: Analyst Reaction – Switched On

Industria Partners maintains a core focus on high-value electrical services and products, offering tailored strategic advisory services to companies at every stage of the business cycle. Through industry connectivity, transaction experience, and expert execution, Industria delivers superior outcomes to its clients. Visit our website: Industria Partners