RIC Power Corp

Acquired by Panelmatic a Neos Partners portfolio company

RIC Power Corporation designs and manufactures medium voltage switchgear for a wide variety of applications. The global switchgear market is expected to show an impressive amount of growth over the next several years as the market for switchgear continues to evolve globally. This has been led mainly by escalating demand for renewable sources of energy, growth in construction and industrial sectors especially in developing countries, as well as government efforts to upgrade and modernize electricity transmission and distribution systems.

Panelmatic is a leading manufacturer of e-houses and prefabricated electrical assemblies serving the utility, renewable energy, and industrial end markets. The company was founded in 1957 in Youngstown, Ohio, to serve manufacturing industries with the design and build of custom electrical, instrument, and pneumatic control panels.
Neos Partners is a middle-market investment firm focused on partnering with product and service companies supporting the energy transition and critical infrastructure. Neos invests in leading companies in North America that provide products and services to the renewable energy, power grid, infrastructure, data center, and energy-intensive industrial sectors. Neos manages $2.7 billion of capital, which includes more than $260 million committed from 100+ founders, executives, and advisors from our industry network.