Fusion Capital Partners (“Fusion”), a private investment firm specializing in control buyouts of lower middle-market companies within the industrial sector, today announced it has acquired Pioneer Power Group (the “Company”), the premier electrical power systems study company in the U.S. Terms of the transaction were not disclosed.

Founded in 2018, Pioneer Power Group is a national provider of power system engineering and field services that help organizations comply with OSHA, NFPA 70E and the National Electrical Code (NEC) and keep their electrical infrastructure safe and reliable. Headquartered in Rockville, Maryland, the Company combines one of the largest independent teams of dedicated power system study engineers in the country with on-site capabilities including data collection, inspection, testing and maintenance, serving customers across the data center, education, healthcare, industrial and manufacturing, and commercial sectors through a national network of electrical distributors and engineering firms.

“We are excited to welcome Fusion as our strategic partner,” said Shreedhar Shah, CEO of Pioneer Power Group. “Fusion’s extensive industry expertise, partnership-oriented approach, and proven experience helping companies within the industrial sector thoughtfully scale their businesses and achieve breakout growth, were compelling considerations for me and my team in identifying a firm to partner with. We believe the Fusion team will be an invaluable resource as we strengthen our value to customers and continue to execute against our strategic business priorities.”

“Pioneer Power Group is an ideal fit for our investment portfolio given their strong market position, executive management team, and highly specialized suite of services and solutions,” said Jason Cowett, Managing Partner & Co-Founder at Fusion. “We are looking forward to collaborating with Shreedhar and the Pioneer Power Group team as we execute a strategic value creation roadmap that will help drive future success.”

“It is paramount for companies and organizations to implement and maintain proper electrical equipment and systems to ensure safe workplace environments,” said Winston Dumont-Aubrey, Senior Associate at Fusion. “The importance of electrical infrastructure continues to rise, driven by aging assets and increased regulation. As customers’ needs continue to increase, Pioneer Power Group is an optimal company to provide the proper solutions.”

Pioneer Power Group will continue to operate from its Pittsburgh and Washington, D.C. locations and remain under the leadership of its current management team.

Fusion was represented by Paul Hastings LLP as legal counsel, AEC Advisors and BlackArch Partners as financial advisors and Jefferies Private Fund Advisory. Pioneer Power Group was represented by Holland and Knight as legal counsel. Founders Advisors served as financial advisor.

This transaction marks the second platform acquisition Fusion has made in 2026 and the fifth platform investment made in Fusion’s Fund I. Earlier this year, Fusion acquired AQUALIS, a leading provider of sustainable water management, engineering and compliance services for critical infrastructure. In 2025, Fusion made three strategic acquisitions, including Excel Engineering, a North American provider of testing services for engines, power generation systems, battery systems, powertrain, back-up generators, and fuel types for blue-chip original equipment manufacturer customers; Relevant Solutions, a leading provider of industrial equipment and engineered solutions focused on flow control applications; and Tavoron, a leader in factory automation components, systems and services.

About Fusion Capital Partners

Fusion Capital Partners is a Los Angeles-based private equity firm pursuing control-oriented investments in lower middle-market companies, targeting a specialized set of business models across a defined set of industrial end markets. As a growth and relationship-driven firm, Fusion is focused on building market-leading companies by driving value creation through both organic initiatives and strategic M&A, increasing both the scale and operational excellence of its partner companies. For additional information, please visit www.fcpartners.com.

About Pioneer Power Group

Pioneer Power Group is the premier electrical power systems study company in the U.S. The company possesses a proven track record of delivering complex projects on time and budget and serves a broad range of customers spanning the public sector as well as blue-chip companies across an array of industries, including healthcare, hospitality, industrial and manufacturing, commercial real estate, data centers, retail, and education. For more information, please visit www.pioneerpwr.com.

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