What Forgent does

Forgent Power Solutions, Inc. is a vertically integrated U.S. designer and manufacturer of engineered-to-order electrical distribution equipment for data centers, the electric grid, and energy-intensive industrial facilities. The company was formed by private equity firm Neos Partners, LP through the consolidation of four legacy electrical equipment manufacturers—MGM Transformers, VanTran, PwrQ, and one additional entity—aggregating over 100 years of combined industry experience. Forgent manufactures its full product portfolio in-house across 10 U.S. manufacturing campuses in 5 geographic regions totaling more than 2 million square feet of production space, with the workforce sized at approximately 1,800 employees.

The company's product portfolio spans the full electrical distribution powertrain: low- and medium-voltage dry-type and liquid-filled transformers (designed, wound, assembled, and tested in-house), LV/MV switchgear and switchboards, panelboards, power distribution units (PDUs), remote power panels (RPPs), automatic transfer switches (ATSs), tap boxes, generator connection cabinets, factory-integrated power skids, and electrical houses (eHouses). The portfolio is supported by a 50,000+ reference-design library, 21 UL certifications, and compliance with BABA, BABAA, IRA Domestic Content, ISO, ANSI, and IEEE standards. Approximately 40% of 2026 sales are tied to data centers and ~42% to AI data center capex per S-1 disclosures.

Forgent operates an enterprise field-sales motion led by application engineers who co-engineer bespoke powertrain solutions with hyperscalers, utilities, independent power producers, and industrial customers, supplemented by website contact capture and dedicated inside-sales support. Pricing is quote-based with milestone-based invoicing (30% on order acknowledgment, 20% on drawing approval, 50% on shipping). Revenue is generated primarily through hardware sales, complemented by installation/commissioning services, field service contracts, and integrated managed powertrain solutions spanning full system lifecycle. Following its February 2026 IPO on the NYSE (ticker FPS) at $27.00 per share, Forgent has executed two follow-on public offerings (March 2026 at $29.50 and June 2026 at $47.00), raising approximately $4.2 billion in aggregate gross proceeds alongside approximately $5 billion in annual revenue capacity at full build-out.

Name

Forgent

Legal name

Forgent Power Solutions, Inc.

Website

https://forgentpower.com

Company type

Public

Founded year

2026

Operating status

Ipo

Headcount range

1,001–5,000 employees

Short description

Forgent Power Solutions is a vertically integrated U.S. manufacturer of engineered-to-order electrical distribution equipment—including transformers, switchgear, panelboards, PDUs, RPPs, ATSs, and prefab power skids/eHouses—serving data centers, electric utilities, and industrial customers from 10 U.S. manufacturing campuses.

Ownership category

akta.pro rank

Product category

Electrical Distribution Equipment Manufacturing

NAICS

Switchgear and Switchboard Apparatus Manufacturing (335313), Power, Distribution, and Specialty Transformer Manufacturing (335311), Electrical Equipment Manufacturing (3353)

SIC

Switchgear & Switchboard Apparatus (3613), Power, Distribution & Specialty Transformers (3612), Electrical Industrial Apparatus (3620)

akta.pro primary industry

Industrial Control Cabinets & Power Distribution (Panels, Switchgear for Automation) (IMAHAHAK)

akta.pro secondary industries

Low-Voltage Switchboards & Panelboards (LV distribution panels, MCCs, switchboards) (IMAGAEAA), High-Voltage Electrical Systems (Switchgear, Transformers, Protection & Control) (EUAEAFAA)

Keywords

• Electrical distribution equipment
• Engineered-to-order transformers
• Data center power infrastructure
• Medium voltage switchgear
• Prefabricated power skids

Headquarters

HQ city

Dayton

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Custom electrical distribution equipment sales (hardware): Core revenue from one-time sale of engineered-to-order electrical distribution equipment — transformers, switchgear, switchboards, panelboards, PDUs, RPPs, ATS, tap boxes, prefab power skids, and eHouses — for data centers, the grid, and industrial facilities; bookings more than tripled (308% YoY) and backlog grew 157% YoY in Q3 FY2026.
2. Installation, commissioning, and field service: Professional services revenue from startup & commissioning of new equipment and complex assemblies, emergency response, preventive & predictive maintenance, system modernization & retrofits, on-site testing & diagnostics, and operator training.
3. Managed powertrain solutions / integrated prefab services: Engineer-Integrate-Deliver powertrain solutions combining engineered products with ongoing service relationships for full system lifecycle, supporting recurring engagement with data center, grid, and industrial customers.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels11 records

Core offering

Forgent designs, engineers, manufactures, and tests in-house a full portfolio of electrical distribution equipment — including low- and medium-voltage transformers, switchgear, switchboards, panelboards, PDUs, RPPs, automatic transfer switches, tap boxes, generator connection cabinets, power skids, and eHouses — across 10 U.S. manufacturing campuses, targeting data centers, the electric grid, and energy-intensive industrial customers. Products are sold engineered-to-order via direct, application-engineering-led field sales, supported by installation, commissioning, and field service across the equipment lifecycle.

Product overview

Forgent offers a unified portfolio of engineered-to-order electrical distribution equipment organized into four core product categories: Panels & Switchgear (LV Switchboards and Switchgear, MV Switchgear, Panelboards, Power Distribution Units, Remote Power Panels), Transformers (MV Dry-Type Transformers, MV Liquid-Filled Transformers, LV Transformers), Transfer Switches and Connector Systems (Automatic Transfer Switches, Tap Boxes, Generator Connection Cabinets), and Prefabricated Solutions (Power Skids, eHouses). These category-level products are combined under the Powertrain Solutions offering, which integrates them into factory-built, application-engineered systems, and are supported by Forgent Field Services covering commissioning, maintenance, emergency response, and operator training. The portfolio also includes sub-brands MGM Transformers and VanTran (legacy manufacturers consolidated by parent Neos Partners) and the PwrQ sub-line covering PDUs, RPPs, Switchboards, and Tapboxes. Forgent manufactures all major categories in-house across ten U.S. manufacturing campuses, targeting data center, power grid, and energy-intensive industrial customers.

Differentiator

Problem solved

Functional benefit

Brands

• MGM Transformers: Legacy transformer brand consolidated into Forgent; products (medium-voltage dry-type, medium-voltage liquid-filled, low-voltage transformers) marketed under the Forgent umbrella but with the MGM Transformer sub-brand retained; linked to mgmtransformers.com.
• VanTran
• PwrQ

Products and services

• LV Switchboards and Switchgear Low-voltage power distribution switchboards and switchgear engineered for high-density, fast-moving power systems, available in a wide range of configurations with lean manufacturing for fast delivery. Designed for data center, grid, and industrial customers needing customizable LV power distribution.
• MV Switchgear Medium-voltage switchgear including MV Metal Clad Switchgear and MV Metal Enclosed Switchgear variants for power distribution protection, coordination, and control across the powertrain. Targeted at data centers, utilities, and industrial customers.
• Panelboards Panelboard products built for modern load demands, providing reliable power distribution with clean protection and configurable designs for evolving power systems across data center, grid, and industrial applications.
• Power Distribution Units (PDUs) Power Distribution Units engineered for data center and critical infrastructure applications, providing reliable power distribution at rack and facility level.
• Remote Power Panels (RPPs) Remote Power Panels for distributed power distribution in data center and high-density environments, designed for clean protection, coordination, and scalability.
• MV Dry-Type Transformers Medium-voltage dry-type transformers engineered for precise voltage regulation, minimal losses, and long service life in demanding applications including data centers and industrial power systems.
• MV Liquid-Filled Transformers Medium-voltage liquid-filled transformers designed for performance, safety, and thermal efficiency in critical infrastructure applications.
• LV Transformers Low-voltage transformers engineered for performance, safety, and thermal efficiency with customization in windings, cooling class, BIL specs, enclosure type, and monitoring.
• Automatic Transfer Switches (ATSs) Automatic Transfer Switches designed for safe transitions and reliable operation across modern power architectures, with engineered switching performance and configurable designs.
• Tap Boxes Tap Off Boxes (busway tap off boxes) designed for scalability and rapid deployment in data centers, offering increased power density in a compact structure with precision engineering.
• Generator Connection Cabinets Generator Connection Cabinets designed for safe and reliable connection of generators within power distribution architectures for critical applications.
• Power Skids Factory-built power skids that integrate transformers, switchgear, controls, and supporting power distribution infrastructure into a single factory-assembled and tested platform for fast-track projects.
• eHouses (Electrical Houses) Electrical Houses (eHouses) that combine transformers, switchgear, controls, and supporting infrastructure into a single factory-assembled and tested platform to minimize onsite labor and accelerate installation.
• PwrQ S1 Switchboard PwrQ-branded switchboard product line covered by its dedicated product guide, part of Forgent's PwrQ distribution sub-brand.
• Powertrain Solutions Integrated, factory-built powertrain solutions that combine Forgent's transformers, switchgear, panels, transfer switches, and prefabricated skids/eHouses into turnkey systems with vertical manufacturing integration, application engineering, and on-time delivery.
• Field Services Comprehensive field services including startup and commissioning of new equipment, emergency response, preventive and predictive maintenance, system modernization and retrofits, on-site testing and diagnostics, and operator training and documentation for transformers, switchgear, integrated power skids, and controls.

Quantifiable outcome

• Q3 FY2026 revenue of $378.7 million, up 103% year-over-year
• +7 more outcomes

Named customers1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Hubbell IncminorStrategic or Co-development PartnerIndustry peer / competitor in electrical equipment reaching a new all-time high of $533.88 with a $28.3B market cap; cited in industry coverage as one of the broader electrical equipment players alongside Forgent, Eaton, Vertiv, Schneider Electric, and GE Vernova.
• MGM TransformerscoreStrategic or Co-development PartnerLegacy electrical equipment manufacturer consolidated into Forgent; operates as a related brand under the Forgent umbrella with a dedicated website (mgmtransformers.com) and product catalog of MV liquid-filled transformers.
• VanTrancoreStrategic or Co-development PartnerLegacy electrical equipment manufacturer consolidated into Forgent; operates as a related brand under the Forgent umbrella with a dedicated website (vantran.com) and is one of the brands shown on the About Us page alongside MGM and PwrQ.
• PwrQcoreOEM/ Whitelabel/ Licensing PartnerForgent product line brand for power distribution units, remote power panels, switchboards, and tap boxes (see product guides hosted at forgentpower.com, e.g., FORGENT_PwrQ%20PDU%20Product%20Guide).
• Standard SolarminorChannel Partner/ Reseller/ DistributorForgent serves Standard Solar as a customer (renewables / grid segment); Standard Solar's procurement engineer Lexy Accion provided a customer testimonial noting Forgent delivered a grounding transformer in just four weeks, bringing a solar site back online.

Scale indicators18 records

Recent moves11 records

Expansion highlights6 records

Emerging players

• Bloom Energy: Bloom Energy is an emerging player in on-site power generation for data centers, addressing the same AI-driven power reliability and capacity bottleneck that Forgent solves via electrical distribution equipment. While not a direct switchgear competitor, Bloom sits adjacent in the data center power value chain that Forgent serves.

Broad incumbents

• Hubbell Incorporated: Hubbell is a broad electrical products manufacturer spanning utility, data center, and industrial markets with switchgear, transformers, and connector products. Industry coverage consistently groups Hubbell with Forgent, Eaton, Schneider, and Vertiv as competitors in U.S. electrical equipment, and Hubbell's $28B+ market cap underscores the scale gap Forgent is closing.
• Eaton Corporation: Eaton is a large incumbent electrical equipment manufacturer with deep exposure to data center, utility, and industrial power distribution, including switchgear, transformers, and integrated power assemblies. Forgent competes against Eaton's Electrical Americas segment for hyperscaler and grid customers but offers a more focused, engineered-to-order go-to-market.
• ABB Ltd: ABB is a global electrification and automation incumbent with extensive switchgear, transformer, and power distribution offerings for data centers, utilities, and industry. Forgent competes with ABB's Electrification segment for custom-engineered power distribution projects, particularly in North American grid and industrial verticals.
• Siemens Energy: Siemens Energy competes with Forgent in MV/HV transformers and grid power distribution equipment, with growing exposure to data center power demand. It is one of the broader incumbents cited alongside Eaton, Schneider, Vertiv, and GE Vernova as competitors in U.S. electrical infrastructure.
• Schneider Electric: Schneider Electric is a global incumbent with a major data center power portfolio (Galaxy UPS, switchgear, PDUs, busway) and is regularly cited alongside Forgent, Eaton, and Vertiv as a competitor for hyperscale powertrain projects. Forgent's narrower, more custom product line competes at the application-engineering layer.
• GE Vernova: GE Vernova is a major incumbent in grid and power equipment with strong positions in transformers, switchgear, and grid automation serving utilities and large industrial customers. Forgent's grid vertical competes with GE Vernova for utility transformer and switchgear orders, particularly as U.S. grid modernization accelerates.

Direct peers

• Powell Industries: Powell Industries is a direct peer in custom-engineered switchgear, switchboards, and power control buildings for utilities, industrial, and large commercial customers. Powell's engineered-to-order model and integrated power module offerings closely parallel Forgent's prefab power skids and eHouses business.
• Vertiv Holdings: Vertiv is the closest direct comparable: a publicly traded power and thermal management specialist for data centers, with overlapping offerings in switchgear, PDUs, UPS, and integrated powertrain solutions. Forgent's CEO Gary Niederpruem previously helped take Vertiv public in 2020, and the two compete head-to-head for hyperscaler custom-engineered power builds.
• nVent Electric: nVent Electric manufactures electrical connection and protection solutions including enclosures, switchgear, and data center power distribution products. Its data center and industrial verticals overlap directly with Forgent's switchboards, panelboards, and PDU/RPP product lines.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Forgent-Power-61578746467593
• LinkedInlinkedin.com/company/forgent-power

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries3 records

Funding overview

Funding rounds5 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Forgent