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Investing.com -- Private equity firm Advent International has agreed to acquire a majority stake in LayerZero Power Systems, a manufacturer of power infrastructure equipment for data centers.
According to Reuters, the deal values the majority stake in the Aurora, Ohio-based company at approximately $1 billion.
LayerZero specializes in manufacturing products essential for data center operations, including power distribution units, remote power panels, and static transfer switches that ensure safe and reliable electricity distribution.
"As data centers evolve to support the growing needs of AI and high-performance computing, our role has become even more important," said LayerZero co-founder Milind Bhanoo.
Following the completion of the transaction, LayerZero’s founders, Bhanoo and James Galm, will retain minority equity positions in the company.
Advent International plans to assist LayerZero in scaling up its manufacturing capacity, expanding its customer base, and growing its service capabilities.
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