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CONNECTICUT ELECTRIC, AN ONWARD CAPITAL PORTFOLIO COMPANY, ACQUIRES POWER ASSEMBLIES

CHICAGO (December 29, 2023) – Onward Capital announced today that portfolio company Connecticut Electric has acquired Henderson, Nevada-based Power Assemblies. The merger creates a unique and dynamic electrical supply company serving a wide array of industries and customers. Terms of the transaction were not disclosed.

Connecticut Electric (www.connecticut-electric.com) is headquartered in Anderson, Indiana and distributes legacy residential breakers, mini-breakers, load center accessories, manual transfer switches, power outlets and related products. The company also distributes products produced by other well-known manufacturers. The products are predominately used in residential homes, apartment complexes and RV’s. The company sells through an extensive network of electrical distributors, numerous e-commerce customers, and leading retailers throughout North America.

Power Assemblies (www.powerassemblies.com) manufactures a wide array of products, including cable assemblies, portable transformer carts, CAM panels, load banks, switch gear and other ancillary products. The company sells its products through distributors and serves the commercial and industrial channels of distribution.

Dick Mumma, CEO of Connecticut Electric said, “We are thrilled to have Power Assemblies join the Connecticut Electric family. The resulting combination of talent and resources allows us to deliver a broader solution to our customers, which provides for excellent growth opportunity.”

Laura Lester, Partner at Onward Capital noted, “The new company will have an envious geographic footprint, with locations covering the West, Midwest, and East in North America. In addition, we have an outstanding range of products to serve industries across all potential electrical customers, from retail to industrial.”

Marcus George, Partner at Onward Capital, said, “Onward is extremely impressed with Power Assemblies, not just with their unique capabilities and skillsets, but with their management and staff. The Company’s reputation for excellence is known industry wide.”

About Onward Capital LLC
Onward Capital is a Chicago-based private equity firm focused on investing in and growing lower middle-market industrial businesses. The Onward Partners have completed 60 private equity transactions and invested $600 million dollars of capital in the sector. Onward targets manufacturing and value-added distribution companies, typically with revenues between $20 million and $125 million. For more information on Onward Capital, please visit www.onwardcapllc.com.

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Marcus George

Partner

Marcus founded Onward Capital in 2015. He is responsible for developing investment theses, executing transactions and leading value creation within the portfolio. He is a member of the board of directors of each of Onward’s portfolio companies.

Prior to Onward Capital, Marcus was a Partner at Code Hennessy and Simmons.  He spent 18 years there, reviewed hundreds of investment opportunities and executed dozens of transactions across a variety of industries.

Prior to CHS, Marcus worked in the Corporate Finance Group of Heller Financial and he started his career at KPMG.

Marcus earned a BA in Accounting from the University of Notre Dame and an MBA from the University of Chicago, Booth School of Business. He lives in Park Ridge, Illinois with his wife and their two children.

Laura Lester

Partner

Laura founded Onward Capital in 2015. She is responsible for developing investment theses, executing transactions and leading value creation within the portfolio. She is a member of the board of directors of each of Onward’s portfolio companies.

Prior to Onward Capital, Laura spent over ten years at Code Hennessy and Simmons where she reviewed hundreds of investment opportunities and executed dozens of transactions across a variety of industries.

Early in her career, Laura worked in the Investment Banking Division of Lehman Brothers where she advised industrial companies and their boards on strategic alternatives.

Laura earned a BA in Economics from Cornell University and an MBA from Northwestern University’s Kellogg School of Management. She lives in the suburbs of Chicago with her husband and their three children.

Jack Tresley

Vice President

Jack joined Onward Capital in 2024.

Prior to Onward Capital, Jack was an Associate on the investing team at Granite Creek Capital Partners, a Chicago-based private equity firm, where he evaluated, structured, executed, and managed both debt and equity investments across a wide range of lower middle market companies.

Prior to Granite Creek, Jack was an investment banking analyst at Metronome Partners, a Chicago-based investment bank, where he worked on a variety of sell-side transactions primarily for lower middle market companies.

Jack earned a BS in Finance from Indiana University, Bloomington – Kelley School of Business and an MBA from Northwestern University’s Kellogg School of Management. He lives in the suburbs of Chicago with his wife.