Goldman Sachs Alternatives, Cleanhill Partners agree to $4.4bn sale of EPC Power to Flex

• The deal is expected to close in the fourth quarter of 2026
• EPC Power will join Flex’s Cloud and Power Infrastructure segment upon closing
• The company has expanded its domestic manufacturing footprint nearly tenfold since 2021

Goldman Sachs Alternatives and Cleanhill Partners have agreed to sell EPC Power, a power conversion technology platform backed by the two firms, to Flex for $4.4 billion. The deal is expected to close in the fourth quarter of 2026, subject to customary closing conditions including regulatory approvals, and EPC Power will become a business within Flex’s Cloud and Power Infrastructure segment.

EPC Power designs and manufactures power conversion systems for data centers, utility-scale energy storage and microgrids, including 800-volt data center power architectures such as digital rectifiers and solid-state transformers. Goldman Sachs Alternatives and Cleanhill Partners first invested in the company in 2021; since then, the company has expanded its domestic manufacturing footprint nearly tenfold.

“EPC Power plays a critical role in supporting grid reliability and speed to power during a period of growing concerns around energy security,” said Alexander Mass, global co-head of energy transition investing within private equity at Goldman Sachs Alternatives.

“We first invested in EPC Power in 2021 because we believed power conversion would become a critical enabling technology as renewable generation, grid modernization and digital infrastructure converged,” said Ash Upadhyaya and Rakesh Wilson, managing partners at Cleanhill Partners. “We are proud to have supported EPC from an early stage and, in its next phase, alongside Goldman Sachs Alternatives as the business entered a new period of growth … we believe Flex is the right partner for EPC’s next chapter.”

Goldman Sachs and JP Morgan Securities served as financial advisors, and Vinson & Elkins served as legal counsel, to EPC Power and its controlling shareholders Goldman Sachs Alternatives and Cleanhill Partners.

Editor’s note: This news brief was produced with the assistance of artificial intelligence.