Systems Control in IM sold to Comvest
Management team, CEO retained; Brule on board of directors
IRON MOUNTAIN — Systems Control of Iron Mountain, one of Dickinson County’s major employers, announced Wednesday that Comvest Partners has acquired the company.
“Systems Control has an outstanding reputation in the electric utility industry” said Lee Bryan, a partner at Comvest, a private investment firm based in Florida. “We admire the leadership of the company in building a respected business with a culture of operational excellence and we look forward to partnering with the company’s management and employees to support the continued growth and commitment to serving its customers.”
David Brule Sr., majority shareholder of Systems Control, will remain on the board of directors and CEO Brad Lebouef and the rest of the management team will continue with the company in their existing roles.
“This transaction is a milestone for Systems Control,” Lebouef said. “We have seen tremendous growth in our business over the years and we look forward to working with the Comvest team as we continue to grow as an organization and serve the North American electric utility industry from our headquarters in Iron Mountain.”
Founded in 1962, Systems Control manufactures equipment enclosures and control and relay panels used in electrical transmission and distribution substations across North America. The company is recognized by electric utility providers for supplying critical components to ensure the reliable operation of the electrical grid.
Located at 3201 E. Industrial Drive on Iron Mountain’s north side, Systems Control has 660 employees.
Since its founding in 2000, Comvest has invested in excess of $3 billion in more than 160 companies. Comvest’s funds today have over $3.1 billion of assets under management. Through its extensive capital resources and broad network of industry relationships, Comvest offers its companies financial sponsorship, critical strategic and operational support, and business development assistance. Headquartered in West Palm Beach, Fla., the company also has an office in Chicago and representatives in Los Angeles and New York City.
DCS Advisory, the successor entity to Sagent Advisors, acted as exclusive financial advisor and Godfrey & Kahn, S.C. as legal advisor to Systems Control. Comvest was advised by Stifel and McDermott Will & Emery.