Eaton Acquires COL Group From Oaktree to Expand Power Distribution Business

Aecon Group Acquires Oaktree’s 27.5% Convertible Preferred Stake in Aecon Utilities

June 25, 2026

Industrial Services

Aecon Group Inc. has entered into an agreement to purchase the convertible preferred equity investment held by Oaktree Capital Management’s Power Opportunities strategy in Aecon Utilities Group Inc. for $320 million. The deal is expected to close in the fourth quarter of 2026, after which Aecon will hold 100% of Aecon Utilities and capture the full economics of its electrical, communications, and pipeline distribution end-markets.

Eaton Acquires Resilient Power Systems

August 6, 2025

Industrial Services

Eaton signed an agreement to acquire Resilient Power Systems Inc., a North American developer and manufacturer of innovative energy solutions, including solid-state transformer-based technology. The deal is expected to close in the third quarter of 2025 (subject to customary closing conditions), and Eaton expects the acquisition to strengthen its medium-voltage power distribution offerings for markets such as data centers and energy storage.

Eaton Acquires 49% Stake in Jiangsu Ryan Electrical Co. Ltd.

April 24, 2023

Manufacturing

Eaton completed the acquisition of a 49% minority stake in Jiangsu Ryan Electrical Co. Ltd., a Nantong, Jiangsu-based manufacturer of power distribution and sub-transmission transformers. The deal gives Eaton greater access to Ryan’s manufacturing capabilities and China/Asia-Pacific customers as it expands its presence in renewable energy, data center, utility and industrial end markets.

EQOS Group Acquires Colas Rail Belgium

October 4, 2022

Infrastructure

EQOS Group, a Triton Fund IV portfolio company, has acquired Colas Rail Belgium to strengthen its Railway Technology business unit and expand into long-distance rail services in Belgium. Colas Rail Belgium (2021 revenue ~€23M, ~150 employees) will continue to operate from Enghien and Maldegem and will trade as EQOS Energie Belgium SA, broadening EQOS's offering across planning, installation, construction and maintenance of catenary lines and tracks.

Eaton Acquires Royal Power Solutions from Industrial Growth Partners

January 5, 2022

Manufacturing

Eaton has acquired Royal Power Solutions, a U.S.-based manufacturer of high-precision electrical connectivity components, from Industrial Growth Partners for $600 million. The acquisition strengthens Eaton's position in electrification end markets (e.g., eMobility, energy management and industrial markets) and adds manufacturing capacity and product capabilities.

Eaton Acquires Tripp Lite for $1.65 Billion

January 29, 2021

Electrical Services

Eaton has signed an agreement to acquire Tripp Lite, a Chicago-based supplier of power quality products and connectivity solutions, for $1.65 billion. The purchase expands Eaton's edge computing and single-phase UPS product portfolio and is expected to close mid-2021.