KRG Capital Partners has acquired Palladium Energy, Inc. 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. 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.
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.