Forgent Power Solutions (FPS) Registration Filing summary

Company overview and business model

• Designs and manufactures engineered-to-order electrical distribution equipment for data centers, grid, and industrial facilities, with 91% of FY2025 revenues from custom products and powertrain solutions.

• Offers a comprehensive product portfolio including transformers, switchgear, panelboards, eHouses, and power skids, serving a diverse customer base with no single customer accounting for more than 9% of FY2025 revenues.

• Operates ten manufacturing campuses in the US and Mexico, with a flexible, vertically integrated model enabling rapid product mix changes and capacity expansion.

• Focuses on high-growth end markets: data centers (42% of FY2025 revenues), grid (23%), and industrial (19%), with balanced exposure and no product category exceeding 13% of revenues.

• Business strategy emphasizes customization, short lead times, and prefabricated solutions to address labor shortages and evolving customer requirements.

Financial performance and metrics

• FY2025 revenues grew 56% year-over-year to $753.2 million, with a 44% increase in backlog to $1,027.1 million as of September 30, 2025.

• Adjusted EBITDA for the LTM ended September 30, 2025 was $169.2 million (22% margin), and Q1 FY2026 organic revenue growth was 84% year-over-year.

• For the six months ended December 31, 2025, estimated revenues are $565–$580 million, net income $11.9–$16.7 million, and Adjusted EBITDA $123–$126 million.

• As of December 31, 2025, estimated cash and equivalents were $106.2 million, with total debt of $583.5 million.

• No customer or product category represented more than 9% or 13% of revenues, respectively, in FY2025.

Use of proceeds and capital allocation

• Net proceeds of approximately $427.7 million (assuming $27.00/share IPO price) will be used to purchase Opco LLC Interests from Opco, which will redeem interests from existing owners.

• Proceeds will not be used for direct business reinvestment; instead, they facilitate the reorganization and partial liquidity for existing equity owners.

• No proceeds from selling stockholders' shares will go to the company.