NSI Industries has acquired US-based electrical connectors manufacturer Polaris Electrical Connectors.
Financial terms were not disclosed.
Headquartered in Florida, Polaris makes a range of insulated electrical connectors for customers across the US.
Established in 1985, the group’s products include switchgear and single conductor lugs, streetlight and overhead connectors, as well as grade and submersible connectors.
Polaris has around 190 employees and a manufacturing plant in Odessa.
In the coming weeks, it will work with distributor and channel selling partners to decide how to best integrate the company with NSI to maximise operational savings.
The buyer has a long-standing relationship with the target and offers a full line of pre-insulated multi-tap connectors though the Polaris Black, Polaris Grey and Polaris Edge brands.
GR Schrotenboer, chief executive of NSI, said: “The acquisition of Polaris further accelerates our growth as an electrical products company focused on providing innovative, profitable and quality solutions to our distributor partners, in multiple markets.”
The deal will also complement the purchaser’s existing portfolio, which includes Tork and Warrior Wrap, and broaden its offerings for clients.
Polaris’ chief operating officer, Janeen Patten, noted: “NSI shares our high standards to deliver innovative and reliable products designed with the highest quality to help the electrical and utility industries streamline projects and lower total costs.”
Located in North Carolina, the buyer provides a range of electrical items for contractors and their customers across 25 categories.
Its products include connectors, general purpose tape, grounding devices and cable ties and mounts.
The deal with Polaris marks another acquisition for NGI; in November last year, the company bought US-based speciality tools manufacturer SullSar Technologies for an undisclosed sum.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 508 deals targeting electrical equipment, appliance and component manufacturers announced globally in 2020 to date.
China-based Contemporary Amperex Technology announced plans to raise CNY 19.70 billion (USD 2.75 billion) through a private placement in the most valuable of these.
© Zephus Ltd