Forgent’s IPO is ‘bringing sexy back’ to the electrical equipment helping power the AI boom, CEO says

Fortune

by Jordan Blum

February 14, 2026

AI-Generated Deep Dive Summary

Forgent Power Solutions, a newly formed company born from the merger of four legacy businesses under private equity, has made waves in the electrical distribution equipment sector. Riding the wave of demand driven by the AI boom, Forgent successfully went public earlier this year, achieving a market cap of nearly $8 billion. CEO Gary Niederpruem humorously noted that Forgent is "bringing sexy back" to an industry often overshadowed by tech giants but essential for powering data centers and energy infrastructure. With its tailored products—transformers, switchgear, prefabricated solutions—and focus on speed and scale, Forgent is carving out a niche in a competitive landscape dominated by larger players like Vertiv, Eaton, and GE Vernova. Forgent serves three key markets: data centers, power grids, and industrial applications. The data center segment, driven by cloud computing and AI's rapid growth, is currently the fastest-growing area for Forgent, with Niederpruem highlighting AI as a key accelerant for their business. This demand has led to a 45% surge in order backlog near the end of 2025. By emphasizing bespoke solutions and early engagement with clients, Forgent positions itself to meet the unique needs of sectors ranging from behind-the-meter power plants to utility-scale solar farms. Forgent's rise is a story of strategic consolidation and rapid expansion. Formed in 2022, the company quickly acquired established players like MGM Transformers and VanTran Transformers across the U.S., investing $205 million into expanding manufacturing facilities to over 2.3 million

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Originally published on Fortune on 2/14/2026