Supply Side: Hitachi Energy/COET, Comply365/Vistair
Written by Marybeth Luczak, Executive Editor
Hitachi Energy reported that its acquisition of COET “strengthens” its offering in high-power electric vehicle charging infrastructure, power electronics, and the grid edge. COET also designs, manufactures, and supplies DC traction products and components for rail and AC and DC equipment for high-power industrial applications. (Photograph Courtesy of Hitachi Energy)
Zurich, Switzerland-based Hitachi Energy acquires COET, a designer and manufacturer of power equipment for electric mobility, rail and industry, headquartered San Donato Milanese, Italy. Also, Beloit, Wis.-based Comply365, LLC merges with Bristol, England-based Vistair Limited, forming a compliance, safety, and data-intelligence technology company to serve the rail, aviation, and defense industries.
Hitachi Energy / COET
Hitachi Energy on Jan. 10 reported completing the acquisition of COET, following regulatory approval of the purchase agreement that was announced last summer. The move “strengthens” Hitachi Energy’s offering in high-power electric vehicle charging infrastructure, power electronics, and the grid edge, it said.
Hitachi Energy and COET have a “long-standing collaboration” focused on Hitachi Energy’s Grid-eMotion® high-power charging infrastructure systems for electric bus and truck fleets, according to Hitachi Energy, which noted that COET also designs, manufactures, and supplies DC traction products and components for rail and AC and DC equipment for high-power industrial applications.
COET will operate as a standalone business under the leadership of its existing management and retain all its operations. COET has approximately 80 employees.
“We are delighted to welcome our partner of many years into the Hitachi Energy family,” said Niklas Persson, Managing Director of Hitachi Energy’s Grid Integration business. “The acquisition will enhance our position as a global leader in power grid technologies and energy infrastructure for eMobility, transport, and industry, while COET and its customers will benefit greatly from our global footprint and power expertise.”
Comply365 / Vistair
Comply365 and Vistair have completed their merger, which they said will create “a leading global provider of compliance, safety, and data intelligence technologies serving the aviation, defense, and rail industries” with more that 120 customers located in 30-plus countries on six continents. The combined company’s CEO will be Rob Morgan, current CEO of Vistair, which supplies Operational Data Management for aviation technical publications, safety and regulatory content; the Vice Chairman of the Board will be Tom Samuel, current CEO of Comply365, which provides enterprise SaaS and mobile solutions for content management and document distribution in the aviation and rail sectors. Samuel will also lead the integration of the two businesses. Terms of the transaction were not announced.
Private equity firm Liberty Hall Capital Partners, Comply365’s current controlling shareholder, has been joined by global software investor Insight Partners as an equal investor in the combined company. Their investment will provide “the capital to accelerate product differentiation and new product development,” Comply365 and Vistair reported.
Lincoln International served as financial advisor for Comply365, and Harris Williams and Lincoln International served as financial advisors for Insight Partners and Liberty Hall. Legal advice to Comply365 and Liberty Hall was provided by Gibson Dunn & Crutcher, and legal advice to Insight Partners was provided by Willkie Farr & Gallagher. Houlihan Lokey served as financial advisor to Vistair; legal advice was provided by Osborne Clarke.
“This merger comes as the result of a shared vision to enhance our product and service capabilities, accelerate innovation and deliver unparalleled value to our customers,” Rob Morgan said. “I look forward to working with Tom and the team to build on our successes to date and ensuring our customers remain at the heart of everything we do.”
“I am thrilled to join Rob in leading the company,” Tom Samuel said. “This combination provides us significantly more resources to invest in our mission-critical solutions; better serve our global customers; and accelerate technology transformation across the aviation, defense and rail sectors.”
“We are confident in the immense potential created from the merger of Comply365 and Vistair,” Insight Partners Managing Director Henry Frankievich said. “We are excited to join forces with our partners at Liberty Hall to bolster and support ongoing product investment and growth.”
“We have very much enjoyed our partnership with Tom Samuel and the Comply365 team over the past three years and look forward to this next exciting chapter in the company’s journey,” added James Black, Principal at Liberty Hall. “As Comply365 and Vistair come together, we look forward to working with Rob, Tom and our partners at Insight to support the combined company’s next phase of growth.”
In related news, in 2023 Brightline, Florida’s private-sector passenger railroad, selected Comply365’s mobile app for crews and Watco rolled out iPads with Comply365’s mobile app.
