Citizens Capital Markets & Advisory served as the exclusive financial advisor to LayerZero Power Systems, Inc. on its sale of a majority stake to Advent International, a global private equity investor.

Established in 2001 and headquartered in Aurora, Ohio, LayerZero is a leading manufacturer of static transfer switches, power distribution units and power panels for data centers and other critical-use applications. Advent will partner with LayerZero’s founders and management team to further scale the company’s operations.

“My co-founder, Jim Galm, and I feel fortunate to have selected Citizens to assist us in the sale of LayerZero,” said Milind Bhanoo, co-founder and CEO of LayerZero. “They participated in every phase of the process, making themselves available for anything and everything we needed. The Citizens team was a group of consummate professionals who were thorough, transparent, accommodating and focused throughout the process. We highly recommend the Citizens team to any founder or entrepreneur who is contemplating a sale of their enterprise.”

Citizens Managing Director Michael Musser added: “Through strategic vision, product excellence and unwavering customer focus, Milind and Jim established LayerZero as the technology leader in electrical equipment and instrumentation for the rapidly expanding data center landscape and semiconductor market. My colleague Mark Filippell and I have built a trusted relationship with the company and our experienced M&A team was able to lead a strong process on their behalf. Partnering with Advent, a globally experienced sponsor renowned for scaling industrial technology companies, is a timely and strategic move.”