Mastergrid
MasterGrid is a Grenoble-based industrial services company that manufactures high-voltage electrical equipment (GIS, circuit breakers, disconnectors) inherited from Merlin Gerin and provides lifecycle maintenance, refurbishment, engineering, and training services to utility, transmission/distribution, and heavy-industrial customers across 25 agencies in France and 11 international markets.
- Company typePrivate
- Founded2019
- HeadquartersGrenoble, France
- Headcount101–250
- GTM typeB2B
- OfferingHardware or Manufacturing
What Mastergrid does
MasterGrid is a French private industrial-services company headquartered in Grenoble that manufactures high-voltage electrical equipment and provides lifecycle maintenance, refurbishment, and engineering services to utility, TSO/DSO, and heavy-industrial customers in France and 11 international markets. Founded in 2019 by three operators with 12+ years of electricity transmission and distribution experience, the company acquired the high-voltage assets of the Merlin Gerin brand (founded 1920), inheriting a portfolio of gas-insulated switchgear, conventional circuit breakers (72.5–550 kV), and disconnector products, supported by a 500,000+ component technical drawing database and more than 10,500 spare part references.
Core revenue streams span equipment manufacturing (GIS/PSEM, conventional circuit breakers, PIM disconnectors), SF6 gas confinement systems, and a broader services portfolio covering preventive/corrective/predictive maintenance (workshop and on-site), multi-brand HV substation maintenance, refurbishment and retrofitting, engineering studies, project management support, testing and commissioning, transformer oil analysis (Transfo Lab), turnkey substation delivery, and certified training (SF6 handling, GIS, circuit breakers, power transformers). Go-to-market is direct enterprise field sales through 25 agencies and 12 international subsidiaries, with dedicated business managers (responsables d'affaires) acting as interface between technical field teams and customers.
The company is currently backed by Ardian following a May 2025 majority-stake exclusivity agreement (with prior 75% ownership held by a French investment fund, 15% by employees, 10% by founders) and has executed a sustained buy-and-build program — acquiring Ircamex (2021), KTHV/SHB Electric/Atalys (2022), PWS/Transfo Lab/SDCEM/Lenoir Elec/Retrofit Energy Solutions (2024), AURELA Group (Dec 2024), and Simelectro P&S (Dec 2025) — driving reported 4x revenue growth from 2020 to 2024-25 with a stated 2024 turnover of €110–120M, of which 35% is export-driven.
Mastergrid firmographics
Firmographics- Name
- Mastergrid
- Legal name
- MG Holding SAS
- Website
- https://mastergrid.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- MasterGrid is a Grenoble-based industrial services company that manufactures high-voltage electrical equipment (GIS, circuit breakers, disconnectors) inherited from Merlin Gerin and provides lifecycle maintenance, refurbishment, engineering, and training services to utility, transmission/distribution, and heavy-industrial customers across 25 agencies in France and 11 international markets.
- Ownership category
- akta.pro rank
Mastergrid industry classification
Industry- Product category
- High-Voltage Electrical Equipment Manufacturing
- NAICS
- Switchgear and Switchboard Apparatus Manufacturing (335313), Power, Distribution, and Specialty Transformer Manufacturing (335311)
- SIC
- Switchgear & Switchboard Apparatus (3613), Power, Distribution & Specialty Transformers (3612), Instruments For Meas & Testing Of Electricity & Elec Signals (3825)
- akta.pro primary industry
- Substation Systems & Integration (EPC, Engineering, Protection, Commissioning) (IMAGAAAC)
- akta.pro secondary industries
- High-Voltage Electrical Systems (Switchgear, Transformers, Protection & Control) (EUAEAFAA), Substation & HV Equipment Diagnostics (Partial Discharge, DGA, SF6) (EUAEAHAH), Medium/Low-Voltage Power Distribution (MCCs, Panels, UPS, Grounding) (EUAEAFAB)
Keywords
Where Mastergrid is headquartered
LocationHeadquarters
- HQ city
- Grenoble
- HQ country
- France
- HQ region
- Europe
Offices23 records
Markets served
Mastergrid business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Supply Chain, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Equipment Manufacturing: Manufacturing and sale of high-voltage electrical equipment including conventional circuit breakers (72.5kV to 550kV), GIS products, and disconnectors. Products are manufactured based on Merlin Gerin technology with over 100 years of technological experience.
- Maintenance and Services: Comprehensive maintenance services including preventive, corrective, and predictive maintenance for electrical equipment. Services include spare parts supply (10,500+ references), workshop maintenance, and on-site customer maintenance.
- Turnkey Solutions: Complete project solutions from engineering studies through to installation and commissioning of electrical substations, covering supply chain, manufacturing, installation, and maintenance contracts.
- Training Services: Technical training courses for professionals on high-voltage equipment maintenance and SF6 gas handling. Training conducted at Grenoble center or customer sites, available in French, English, or Spanish.
- Engineering and Consulting: Engineering services including electrical network modeling, design studies, protection studies, project management support, testing and commissioning, and administrative support.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels5 records
Mastergrid product offering
Product offeringCore offering
MasterGrid manufactures high-voltage electrical equipment — including gas-insulated switchgear (GIS/PSEM), conventional circuit breakers (72.5kV to 550kV), PIM disconnector switches, and SF6 gas containment systems — based on inherited Merlin Gerin technology. The company also delivers engineering, preventive/corrective/predictive maintenance, refurbishment, retrofitting, multi-brand substation servicing, transformer oil analysis (Transfo Lab), connected-sensor monitoring, turnkey substation solutions, and technical training (including SF6 certification) to industrial and energy-sector clients.
Product overview
MasterGrid offers a comprehensive portfolio of high-voltage electrical equipment products and related services. The core product line includes GIS (Gas Insulated Switchgear/PSEM) products, conventional circuit breakers (72.5kV to 550kV), and PIM disconnector switches (72.5-100 kV), all manufactured based on Merlin Gerin technology with a technical database of over 500,000 drawings. The company also provides SF6 gas sealing and containment systems. The service offering spans four main areas: (1) Engineering & Expertises including design, project management support, testing/commissioning, and Transfo Lab oil analysis services; (2) Products including spare parts supply for Merlin Gerin products; (3) Services including workshop and on-site maintenance (levels 1-5), refurbishment/retrofitting, multi-brand maintenance, and monitoring with connected sensors; and (4) Solutions providing turnkey project delivery from feasibility through commissioning. Training services cover SF6 certification, GIS operation, circuit breaker maintenance, and power transformer training. The company has expanded through acquisitions including Transfo Lab, PWS, SDCEM, Lenoir Elec, Retrofit Energy Solutions, and Simelectro P&S.
Differentiator
Problem solved
Functional benefit
Brands
- Transfo Lab: Oil analysis laboratory for electrical transformers, offering dissolved gas analysis (DGA), dielectric strength testing, water content analysis, and other diagnostic services.
Products and services
- GIS Products (Gas Insulated Switchgear / PSEM)
Quantifiable outcome
- Equipment service life extension through maintenance and refurbishment reduces environmental footprint
- +2 more outcomes
Companies that use Mastergrid
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles4 records
Mastergrid technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Mastergrid partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered major and minor.
- AK GroupmajorAK Group sold Simelectro P&S to MasterGrid in December 2025. This acquisition expands MasterGrid's installed base by 3,000+ equipment and strengthens its position with major power producers. The transaction allows AK Group to complete its strategic refocus while ensuring Simelectro's continued growth within MasterGrid.
- Ecole des Réseaux pour la Transition EnergétiqueminorMasterGrid participates in this collective initiative alongside Enedis, RTE, and other industry partners to support electrical network vocational training in French high schools, preparing students for careers in the electrical grid sector.
Scale indicators15 records
Recent moves6 records
Expansion highlights6 records
Mastergrid competitors and assessment
Company assessmentBroad incumbents
- ABB: ABB's Electrification business offers HV switchgear, GIS, and substation services globally, and its installed base across European utilities and heavy industry creates a recurring service opportunity that overlaps with MasterGrid's multi-brand maintenance offering. ABB competes directly for the same TSO/DSO and industrial customers MasterGrid serves.
- Schneider Electric: Schneider Electric is the original parent of the Merlin Gerin brand, so it remains the deepest historical and technical peer for MasterGrid's HV product line and services. While Schneider operates across a much broader portfolio (low voltage, industrial automation, software), its HV switchgear and grid solutions segment directly overlaps with MasterGrid's GIS, circuit breakers, and substation offerings — and it competes for the same enterprise and utility customers.
- GE Vernova: GE Vernova's Grid Solutions business manufactures HV switchgear, GIS, and HVDC systems and provides field services and digital monitoring solutions for substations. Its g3 SF6-alternative gas technology positions it as a direct competitor in the same regulatory-driven SF6 transition that MasterGrid is navigating.
- Siemens Energy: Siemens Energy's Transmission & Distribution business manufactures HV GIS, circuit breakers, and transformers and operates a global service network for substations. Like MasterGrid, it sells to utilities (TSOs/DSOs) and large industrial customers and competes for substation modernization and refurbishment work. It represents a multinational incumbent alternative to MasterGrid's niche offering.
- Hitachi Energy: Hitachi Energy (formerly Hitachi ABB Power Grids) is a global leader in HV switchgear, transformers, and grid integration, with direct overlap on GIS, circuit breakers, and substation services. Its EconiQ SF6-free product line represents one of the most aggressive regulatory-tailwind plays in the industry and competes directly with MasterGrid's SF6-centric legacy product portfolio.
- Eaton: Eaton's electrical business spans medium-voltage and select HV switchgear, along with power system services. While its HV offering is narrower than MasterGrid's, it competes for industrial and utility substation modernization work and represents a relevant incumbent benchmark for service-led HV business models.
Direct peers
- OMICRON electronics: OMICRON provides testing, diagnostics, and monitoring solutions for HV equipment, including protection relay testing, transformer diagnostics, and partial discharge analysis. It overlaps directly with MasterGrid's testing, commissioning, and Transfo Lab service lines, serving the same utility and industrial customer base.
- Megger: Megger specializes in electrical test and measurement instruments for HV equipment, including insulation diagnostics, transformer testing, and SF6 gas analysis. Its offering closely overlaps with MasterGrid's Transfo Lab oil analysis service and field testing capabilities, making it a focused specialist competitor on the services-and-diagnostics side.
- Tavrida Electric: Tavrida Electric manufactures medium- and high-voltage vacuum circuit breakers and reclosers, positioning it as a product-side specialist competitor. While focused on vacuum interruption technology (an SF6-free alternative), it competes for the same utility and industrial HV switchgear contracts that MasterGrid pursues.
- Reinhausen Group (Maschinenfabrik Reinhausen): Reinhausen Group specializes in power transformer tap-changers and associated monitoring and services, overlapping with MasterGrid's PWS subsidiary and Transfo Lab service lines. It represents a focused specialist peer in HV transformer lifecycle services, particularly relevant as MasterGrid expands its transformer services franchise.
Market position
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Mastergrid social profiles
Digital presenceMastergrid compliance and trust
Trust signalCompliance7 records
Mastergrid financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mastergrid leadership team
Management profileNumber of profiles
Profiles5 records
Mastergrid subsidiaries and ownership
Company hierarchySubsidiaries12 records
Mastergrid funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mastergrid M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mastergrid
What does Mastergrid do?
MasterGrid manufactures high-voltage electrical equipment — including gas-insulated switchgear (GIS/PSEM), conventional circuit breakers (72.5kV to 550kV), PIM disconnector switches, and SF6 gas containment systems — based on inherited Merlin Gerin technology. The company also delivers engineering, preventive/corrective/predictive maintenance, refurbishment, retrofitting, multi-brand substation servicing, transformer oil analysis (Transfo Lab), connected-sensor monitoring, turnkey substation solutions, and technical training (including SF6 certification) to industrial and energy-sector clients.
Is Mastergrid a public or private company?
Mastergrid is a private company. It is classified as private equity controlled and is currently operating.
When was Mastergrid founded?
Mastergrid was founded in 2019. It employs 101 to 250 people.
Where is Mastergrid based?
Mastergrid is headquartered in Grenoble, France, in the Europe region.
How does Mastergrid make money?
Five revenue lines are on record. Equipment Manufacturing is the primary driver. The others are maintenance and Services, turnkey Solutions, training Services and engineering and Consulting.
Who are Mastergrid's main competitors?
Broad incumbents on record are ABB, Schneider Electric, GE Vernova, Siemens Energy, Hitachi Energy and Eaton. Direct peers are OMICRON electronics, Megger, Tavrida Electric and Reinhausen Group (Maschinenfabrik Reinhausen).
Does Mastergrid have an API?
No public API is recorded for Mastergrid.
What industry is Mastergrid in?
Mastergrid's product category is High-Voltage Electrical Equipment Manufacturing. Its primary akta.pro industry code is IMAGAAAC, Substation Systems & Integration (EPC, Engineering, Protection, Commissioning), with a secondary code of EUAEAFAA, High-Voltage Electrical Systems (Switchgear, Transformers, Protection & Control). Its NAICS code is 335313 and its SIC code is 3613.