Goldman Sachs Alternatives and Cleanhill Partners have agreed to sell EPC Power, a power conversion technology platform, to Flex for $4.4 billion. The deal is expected to close in the fourth quarter of 2026, subject to customary closing conditions including regulatory approvals. Upon closing, EPC Power will join Flex’s Cloud and Power Infrastructure segment.

EPC Power, based in Poway, California, designs and manufactures software-defined power conversion solutions for data centers, utility-scale energy storage, and microgrids, including 800-volt data center power architectures such as digital rectifiers and solid-state transformers. The company has expanded its domestic manufacturing footprint nearly tenfold since 2021, when Goldman Sachs Alternatives and Cleanhill Partners first invested. Alexander Mass, global co-head of energy transition investing at Goldman Sachs Alternatives, said EPC Power supports grid reliability and speed to power amid growing energy security concerns.

Ash Upadhyaya and Rakesh Wilson, managing partners at Cleanhill Partners, stated they invested in 2021 believing power conversion would become a critical enabling technology as renewable generation, grid modernization, and digital infrastructure converged. They expressed pride in supporting EPC from an early stage and confidence that Flex is the right partner for its next chapter. Goldman Sachs and JP Morgan Securities served as financial advisors, and Vinson & Elkins served as legal counsel to EPC Power and its controlling shareholders.