Hubbell to acquire Systems Control for $1.1B in cash; ~12x projected 2024 EBITDA

HUBBELL INC

Purchase price $1.1B in cash, subject to net debt/working capital adjustments; implies ~12x projected 2024 EBITDA.
Systems Control (owned by Comvest Partners) estimated 2024 sales ~$400M; makes substation control and relay panels.
Deal enhances Hubbell Utility Solutions portfolio; expected to close by end of 2023, subject to regulatory approval.
Financed with cash on hand and debt; management anticipates adjusted EPS accretion in 2024.
Acquisition targets megatrends in aging infrastructure, grid automation, renewables, and electrification.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

HUBBELL INC entered into Stock Purchase Agreement with Northern Star Parent Holdings, LLC valued at Aggregate purchase price of $1.1 billion in cash for acquisition of Systems Control Business (effective 2023-10-28).

Action: entry
Agreement: equity purchase
Counterparty: Northern Star Parent Holdings, LLC
Value: Aggregate purchase price of $1.1 billion in cash for acquisition of Systems Control Business
Effective: 2023-10-28

Exact text from the filing

On October 28, 2023, Hubbell Incorporated, a Connecticut corporation, and Hubbell Power Systems, Inc., a Delaware corporation and wholly owned subsidiary of Hubbell Incorporated (“HPS”), entered into a Stock Purchase Agreement (the “Agreement”), by and among HPS, Northern Star Parent Holdings, LLC, a Delaware limited liability company (“Seller”), and Hubbell Incorporated, as guarantor (Hubbell Incorporated, collectively with HPS, “Hubbell”).

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HUBBELL INC filing history →

Source: SEC EDGAR

accession 0001193125-23-266285

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