Merging ICCN and Palladium to create a single, larger and far more capable company will enable us to continue serving the increasing requirements of our global customers
CHICAGO (PRWEB) May 04, 2015
KRG Capital Partners (“KRG”) announced today that it has acquired Palladium Energy, Inc. (“Palladium”), an industry leader in customized power solutions. This marks KRG’s second investment in its portable power solutions buy-and-build strategy, which began in 2014 with the acquisition of ICCNexergy, Inc. (“ICCN”), a global leader in the design and manufacture of rechargeable power systems. KRG has combined these two Chicago-based companies to create one of the world’s largest portable power solutions providers. This newly formed company remains technology agnostic and continues building on its deep roots in four markets—commercial, industrial, medical and military/government. The company will be rebranded in the near future to leverage the combined rich history, markets and products delivered. Terms were not disclosed.
By 2020, Gartner estimates that 25 billion Internet-connected devices will be on the market. As devices continue to be unplugged, OEMs seek differentiating solutions for these power-hungry portable gadgets. ICCN and Palladium continue to be strategically and technically focused to meet this ever-increasing demand with a global footprint and supply chain across nine countries, including 14 facilities spanning four continents and over 435,000 square feet of manufacturing space. This merger brings together best-of-breed capabilities, technologists, and 300 degreed engineers and PhDs with expertise in lithium-ion and solid state battery technologies, multi-chemistry charging and next generation power supply solutions for mission-critical applications.
“Merging ICCN and Palladium to create a single, larger and far more capable company will enable us to continue serving the increasing requirements of our global customers,” said Stew Fisher, managing director at KRG.
KRG also announced that Palladium’s president and CEO, John Gatti, will lead the newly combined company, as president and CEO effective immediately.
“We are pleased to have John as president and CEO for our newly combined company. For nearly three decades, he has proven and distinguished himself as a thought-leader focused on customers and people, and an expert at enterprise integration with companies such as Raytheon and BAE Systems; and more recently, in the portable power solutions industry through the transformation of MicroSun Technologies and subsequent merger with Palladium,” said Fisher.
“I look forward to leading this newly combined company,” said Gatti. “Our formula for creating customer and team value will remain the same: 100 percent focus on meeting and exceeding our customers’ needs by always working as one company and one team with the very best people.”
Additionally, KRG announced that former ICCN president and CEO, Stephen McClure, will take on the role of non-executive chairman of the board.
“Spending time with Steve and his team has reinforced why ICCN has been successful, Steve has brought together a strong team and delivered significant value to our customers to position ICCN as a leader in total power systems,” said Gatti.
“We deeply appreciate the passion, commitment and vision Steve brought to ICCN over the past 21 years – a period of innovation and growth for the company – and we look forward to his continued involvement,” said Fisher.
ICCNexergy, Inc. is a global developer and manufacturer of innovative power solutions. Founded in 1967, the company leads the industry with expertise in designing and manufacturing custom rechargeable power systems including: Lithium-ion battery packs, battery chargers, docking stations, and highly efficient power supplies. Its partners include major OEMs in the commercial, industrial, medical and military markets.With wholly owned manufacturing space in the United States, China and Mexico, and a full suite of in-house design, tooling, and test capabilities, ICCNexergy is capable of managing complex programs from design through production around the world. For more information visit http://www.iccnexergy.com
About Palladium Energy
Palladium Energy, founded in 1973, is a leading global provider of high-performance power solutions including custom battery packs, power supplies and electromechanical assemblies for a wide variety of markets including medical, military, commercial, industrial and consumer electronics. With headquarters in Woodridge, Ill. and manufacturing facilities in the United States, Brazil and China, Palladium combines decades of technology expertise with innovative and flexible engineering, testing and manufacturing capabilities to meet any power challenge. For more information visit http://www.palladiumenergy.com and follow @PalladiumEnergy on Twitter.
About KRG Capital Partners
Founded in 1996, KRG is a Denver-based private equity firm with $4.3 billion of capital either deployed or available for future investment, which includes approximately $1 billion deployed since inception on behalf of equity co-investors. KRG specializes in acquiring majority interests in middle-market companies and growing them into significantly larger enterprises through the combination of internal growth and selective strategic add-on acquisitions. KRG Capital seeks investment opportunities where we can partner with existing management teams that are committed to building best-in-class industry leading companies. Since inception, KRG has invested in 46 platform companies and has completed 171 add-on acquisitions for those platforms. More information visit http://www.krgcapital.com