Hubbell, a Shelton-based manufacturer of utility and electrical equipment, said it has reached an agreement to acquire DMC Power, a provider of connectors and tooling for utility substation and transmission markets, in a $825 million cash deal.
DMC Power has been a portfolio company of Golden Gate Capital, a San Francisco-based private equity firm, since 2023.
Hubbell said it’s interested in DMC’s swage connection system as a complement to its existing substation and transmission connector product line.
Swage tools and connectors were originally designed for aerospace applications. DMC has adapted the system to create bus, cable, ground and full tension connections in the power industry, an innovation it says is more robust and reliable than conventional offerings.
“As load growth, datacenter buildouts and aging infrastructure drive highly visible utility substation and transmission investment over the next several years, the acquisition of DMC Power expands Hubbell’s strong presence in these attractive markets,” said CEO Gerben Bakker.
DMC Power has more than 350 employees and manufacturing facilities in California and Mississippi.
Hubbell said it expects to close the deal by the end of this year.
DMC anticipates 2026 revenue of approximately $130 million. Hubbell’s 2024 revenues were $5.6 billion.
