One of Richmond’s fastest growing companies is now in the hands of one of the United Kingdom’s largest firms.
Smiths Interconnect, a division of London-based engineering firm Smiths Group, has struck a deal to purchase Richmond-based Power Holdings Inc. for $235 million.
Power Holdings is the parent company for Power Distribution Inc. and two other companies that produce power distribution and monitoring systems primarily for data centers and alternative energy systems. The company is being sold by Betram Growth Capital I LLP, a California-based private equity firm.
Power Holdings employs 370 people and has additional facilities in California and Michigan. The company is expected to generate sales of $156 million this year, according to a news release about the deal. Its Richmond headquarters are in Henrico near Richmond International Airport.
The company was recently included in the Inc. 5000 list of the country’s fastest growing firms. It was ranked 1,796th and reported 2010 revenue of $115 million, growing 148 percent over a three-year period.
One of Richmond’s fastest growing companies is now in the hands of one of the United Kingdom’s largest firms.
Smiths Interconnect, a division of London-based engineering firm Smiths Group, has struck a deal to purchase Richmond-based Power Holdings Inc. for $235 million.
Power Holdings is the parent company for Power Distribution Inc. and two other companies that produce power distribution and monitoring systems primarily for data centers and alternative energy systems. The company is being sold by Betram Growth Capital I LLP, a California-based private equity firm.
Power Holdings employs 370 people and has additional facilities in California and Michigan. The company is expected to generate sales of $156 million this year, according to a news release about the deal. Its Richmond headquarters are in Henrico near Richmond International Airport.
The company was recently included in the Inc. 5000 list of the country’s fastest growing firms. It was ranked 1,796th and reported 2010 revenue of $115 million, growing 148 percent over a three-year period.