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 ( 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 ( 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