“Power Survey impressed me with their strong financials, a solid reputation for quality and a bold growth mandate backed by an infusion of growth capital from premier energy sector investors ” said Barbaresso. “It also had the added benefit of enabling our family to relocate back to our family and friends in Montreal.”
Prior to joining Benning in 2003, Barbaresso managed a number of operations for Nortel Networks ABB, Bombardier and Emerson Network Power in Canada, Europe and the United States. Throughout his career, Barbaresso has established a history of streamlining manufacturing and supply chain processes, revitalizing product development efforts and boosting profits.
“We are excited to have an executive with Mario’s experience and track record of success,” said Scott Ungerer, Founder and Managing Director of EnerTech Capital. “Beyond his industry credentials, Mario impressed us with his understanding of the growth and expansion potential that motivated our investment in Power Survey.”
Last month, EnerTech Capital and Investissement Québec announced an investment of $10 million in Power Survey. The injection of capital will immediately benefit existing operations, especially in the sales and technology/product development departments. Business systems will be upgraded to better service the distribution network and customers. New resources will be made available to increase sourcing opportunities and streamline product delivery. The funding will also be used to enhance existing technologies and new product development and begin the building of a platform for acquisitions in the Power Quality and Grid Edge space.
The investors also acquired the shares of the current owners and Co-Presidents who plan to pursue other interests following an orderly transition out of their current roles. The amount of the transaction for the purchase of the shares from the current owners (Co-Presidents) has been kept confidential and not been disclosed to the public.
“We have been working with Mario over the past several weeks to bring him up to speed on our products, processes and channel partners,” said Sylvain Lanoue, P.Eng., Co-President, Power Survey and Equipment Ltd. “We have been impressed with Mario’s concern for our employees, quality standards and partners, and are convinced we are leaving the company in good hands,” added Luc Morency, M.B.A., Co- President, Power Survey and Equipment Ltd.
Barbaresso is a certified member of the Ordre des Ingénieurs du Québec, and graduated from Quebec’s Ecole de Technologie Superieure in 1986 with a Bachelor’s degree in Power design and Power Transmission. He is fluent in French, English and Italian, and has been trained in numerous project management, negotiation, and conflict management courses.
About Power Survey and Equipment Ltd.
Since 1948, Power Survey and Equipment Ltd. has been a market-leading provider of customized power factor correction and harmonic filtering technologies and solutions. Power Survey and Equipment Ltd. serves customers mostly in Canada and the United States and also takes part in some projects around the world through a premium network of agents, value-added resellers and distributors. Power Survey and Equipment Ltd. helps industry.