A Charlotte-based private equity firm has acquired Norcross-based Efacec Advanced Control Systems, a provider of automation technology to electric utilities, the companies announced Wednesday.
Falfurrias Capital Partners did not say how much it paid for the company, whose name will be changed to Advanced Control Systems Inc.
ACS, founded in 1975, has more than 250 utility customers. The company will remain based in Norcross. Jose Barbosa also will continue as chief executive officer of ACS and the current management will remain in place.
Falfurrias Capital Partners was co-founded by Hugh McColl Jr., former chairman and CEO of Bank of America, and former BOA Chief Financial Officer Marc Oken. The private equity firm founded North American T&D Group last year to acquire companies serving the electric utility industry. ACS will operate as part of the new private equity entity.