North American copper products supplier Pantheon Electric plans to expand through acquisitions to meet rising demand from artificial intelligence data centers and grid upgrades.
The private equity-backed company was formed in January by combining four manufacturers of copper conductors and electrical components. Chief executive officer Gregory Smith said he is pursuing potential targets as the firm seeks to become a one-stop supplier of conductive infrastructure products for customers such as Siemens AG. Expansion plans, including the development of new products, are underpinned by the AI data center boom.
“We’re certainly acquisitive,” Smith said in an interview Wednesday. “We’re very interested in other copper conductive solutions,” such as transformer components and cooling systems.
Companies like Pantheon and Revere Copper Products Inc. that make conductors, busbars and other components at the heart of electrical infrastructure are benefiting from a surge in orders as spending on AI infrastructure and power grids accelerates. Smith said while tariffs have reduced competition from imported products, strong underlying demand has been the main growth driver.
Pantheon, which also operates in Europe, expects revenue to approach $2 billion this year, up about 35% from the combined result last year, Smith said.
The company has shifted much of its copper sourcing to US producers including Rio Tinto Group and Freeport-McMoRan Inc. in an effort to make its supply chain more resilient amid policy and market volatility.
Pantheon, closely held and backed by Olympus Partners LP, passes higher copper costs through to customers and remains insulated from swings in metal prices through hedging and tolling arrangements. “We don’t look to make money on metal, but we certainly don’t want to lose,” Smith said.
(By James Attwood)
