The Transatlantic Advantage

The mid-market has become increasingly global, with the transatlantic corridor at its core

A sector reshaped by load growth, capacity constraints and reindustrialisation

Electricity demand is growing for the first time in a generation. Data centre build-out and AI compute, electrification of transport and heat, onshoring of manufacturing and the retirement of ageing thermal capacity are all pulling in the same direction: more generation, more grid, and far more work for the companies that design, build, service and upgrade it.

Supply has not kept pace. Long-lead equipment is constrained, with OEM order backlogs in many cases extending four to five years, and skilled field labour is the binding constraint on delivery. That scarcity is showing up in valuations across the chain — from equipment manufacturers to electrical contractors.

It is also changing what buyers want. Strategics and sponsors are looking past single-technology exposure towards businesses with recurring aftermarket revenue, installed-base access, multi-OEM capability, and the engineering and field workforce to execute on committed backlog.

The result is a deep and unusually broad buyer universe: OEMs building out service networks, EPC and integration platforms consolidating regionally, industrial services roll-ups, and infrastructure and private equity capital pursuing platform theses across the power system.