Affiliate of Sun Capital Partners to Sell Aclara Technologies, Leading Provider of Smart Infrastructure Solutions for Utilities, For $1.1 Billion

Company Established as Successful Independent Business Through New
Capital Investment and Strategic Acquisitions

BOCA RATON, Fla.–(BUSINESS WIRE)–Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment
firm specializing in leveraged buyouts and investments in market-leading
companies, today announced that an affiliate has signed a definitive
agreement to sell Aclara Technologies LLC (“Aclara” or “the Company”), a
leading global provider of smart infrastructure solutions for utilities,
to Hubbell Power Systems, Inc., a wholly-owned subsidiary of Hubbell
Incorporated (NYSE: HUBB). The agreement establishes a purchase price of
$1.1 billion for the Company.

Headquartered in St. Louis, Aclara is a worldwide supplier of smart
meters and other field devices, advanced metering infrastructure and
software and services to more than 800 water, gas, and electric
utilities. Aclara enables utilities to predict and respond to
conditions, leverage their distribution networks effectively, and engage
with their customers.

“We’re extremely proud that we were able to grow and transform Aclara by
applying our deep experience in building market-leading businesses from
corporate carve-outs,” said Marc Leder, Co-CEO at Sun Capital. “During
our investment period, we were able to invest in and improve the
business while also quadrupling EBITDA. We are confident Aclara is
poised for continuing success under its new owner.”

Sun Capital launched Aclara as an independent business when its
affiliate acquired the Company from a corporate parent in 2014. Since
then, Aclara has grown and improved its market position through a series
of operational enhancements, as well as four add-on acquisitions of
complementary businesses that were also carve-outs from corporate
parents.

“Aclara is a great example of how we apply the Sun Transformation System
to build companies and create value,” said Daniel Florian, Managing
Director at Sun Capital. “At Aclara, we were able to build a world-class
management team led by Allan Connolly, improve procurement, and, most
importantly, make significant investments in R&D. Development of new
products and capabilities increased Aclara’s addressable market
five-fold, and resulted in a robust backlog of contracted sales of
approximately $1 billion.”

Sun Capital has strong experience in industrial businesses through
current and recent affiliated portfolio companies including Robertshaw,
a leading design, engineering and manufacturing company that sells
critical components and control systems used to regulate all major
functions of white good appliances, and ThermaSys Corporation, a
manufacturer and supplier of engineered copper, brass and aluminum heat
exchanger components and assemblies.

About Sun Capital Partners, Inc.

Sun Capital Partners is a global private equity firm focused on
identifying companies’ untapped potential and leveraging its deep
operational and financial resources to transform results. Sun Capital is
a trusted partner that is recognized for its investment and operational
experience, including particular expertise in the consumer products and
services, food and beverage, industrial, packaging, chemicals, building
products, automotive, restaurant and retail sectors. Since 1995, Sun
Capital has invested in more than 350 companies worldwide with revenues
in excess of $45 billion across a broad range of industries and
transaction structures. Sun Capital has offices in Boca Raton, Los
Angeles and New York, and affiliates in London and Shenzhen.

Contacts

Stanton
Doug Allen, 646-502-3530
[email protected]