EPC Power Corp to be Acquired by Flex for $4.4 Billion

POWAY, Calif., EPC Power Corp., a leading designer and manufacturer of high-performance power conversion solutions, has agreed to be acquired by Flex for $4.4 billion, marking a significant milestone for the company and the industry. The acquisition is expected to close in the fourth quarter of 2026, subject to customary regulatory approvals.

EPC Power's technology, which includes next-generation 800-volt data center power architectures and digital rectifiers, will complement Flex's broad portfolio of power and thermal management technologies, enhancing its capabilities in mission-critical applications. Upon closing, EPC Power will become a business within Flex's Cloud and Power Infrastructure segment.

Jim Fusaro, CEO of EPC Power, highlighted the company's achievements over the past four years. "Over the last four years, EPC Power emerged as a U.S. technology leader in power conversion solutions, enabling the next generation of data centers, AI computing, and grid modernization. We expanded our domestic manufacturing footprint nearly tenfold, strengthening America's industrial base and reinforcing the critical role of U.S. innovation in powering the future economy."

Devin Dilley, Co-Founder, President, and Chief Innovation Officer of EPC Power, echoed the sentiment. "We set out to solve the hardest problems in power electronics, and our partnership with Goldman Sachs Alternatives and Cleanhill Partners enabled us to address these challenges for mission-critical infrastructure globally."

The acquisition is particularly significant in light of the growing demand for reliable power in the AI era. According to EPC Power, power availability has become the gating factor for data center growth, driven by the unprecedented increases in power density and resilience requirements of AI workloads. EPC Power's technology, including its Agile Grid Forming™ platform, is designed to address these challenges, enabling faster energization of data center capacity and improved grid stability.

Alexander Mass, Global Co-Head of Energy Transition Investing at Goldman Sachs Alternatives, expressed his pride in the partnership. "EPC Power's innovative solutions play a critical role in supporting grid reliability and speed to power during a period of growing energy security concerns. We wish Flex and the EPC team continued success."

EPC Power's solutions are designed to deliver reliable, resilient, and secure energy for demanding applications, including AI-driven workloads and grid stability use cases. The company has seen significant growth, expanding its U.S. manufacturing footprint and creating high-quality jobs in the process.

Flex, with its global footprint and expertise in advanced manufacturing and supply chain solutions, is well-positioned to support EPC Power's next phase of growth. The acquisition aligns with Flex's strategy to accelerate data center deployment by solving power, heat, and scale challenges through cutting-edge technology.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC served as financial advisors to EPC Power and its controlling shareholders, while Vinson & Elkins LLP provided legal counsel. Cleanhill Partners, a private equity firm focused on energy transition and digital infrastructure, also played a crucial role in EPC Power's growth.