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Investment 2025 — Active

BRUSH Group

Greenbelt's 2025 acquisition of a 150-year-old engineering leader in power transformers and switchgear — critical equipment for the UK's and Europe's evolving electricity infrastructure.

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The Grid Is Only as Strong as Its Hardest Equipment

Power transformers and switchgear are the heavy, long-lived equipment at the core of every electrical network — stepping voltage up and down, routing power, protecting the system. They are in global short supply, with order lead times that can stretch for years, and are exactly what aging grids need to integrate renewables and meet rising demand.

BRUSH Group (“BRUSH”), founded in 1876, is one of the few manufacturers in the UK and Europe with the heritage and engineering depth to make them at scale. From facilities in the UK and Italy, it builds power and specialty transformers, reactors, and AC/DC switchgear, and supports them across their decades-long lifecycle — positioning it at the center of grid modernization across the region.

Greenbelt acquired BRUSH in 2025. The investment in BRUSH is emblematic of the firm's grid-enablement thesis in its most physical form: as the world races to upgrade the grid, the constraint isn't ambition — it's the supply of the critical equipment that makes it real, and BRUSH makes that equipment.

150 Years of Engineering the Grid

1876
Heritage

A Century and a Half of Power Engineering

BRUSH builds a 150-year reputation as a long-established UK manufacturer of power transformers and switchgear for critical energy infrastructure.

2025
February · Partnership

Partnering with ILJIN Electric

BRUSH forms an exclusive partnership with South Korea's ILJIN Electric for low-emission switchgear and large transformers.

2025
Acquisition

Greenbelt Acquires BRUSH

Greenbelt acquires BRUSH, backing the company's role in upgrading the UK's and Europe's electricity infrastructure.

2026
Acquisition

Acquiring Allenwest and B&F

Under Greenbelt ownership, BRUSH expands with the acquisition of UK businesses Allenwest and B&F, broadening its switchgear and power-equipment capabilities.

Critical Equipment for a Grid Being Rebuilt

Demand for transformers and switchgear has outstripped global supply, with lead times stretching for years as grids everywhere race to integrate renewables, replace aging assets, and meet surging load. A manufacturer with proven engineering, an established footprint, and expanding capacity sits in a structurally advantaged position.

BRUSH has been investing to meet that demand — its 2025 ILJIN partnership and the launch of its new Cyrno switchgear line broaden its product range exactly as the market needs more. Greenbelt's ownership is aimed to support that build-out.

“Grid enablement and energy resilience are core themes at Greenbelt. We believe BRUSH plays a vital role in enabling the UK's evolving electricity infrastructure — providing the equipment and engineering expertise needed to integrate renewables, upgrade aging assets, and meet rising demand.”
Andy Hopping · Partner, Greenbelt Capital

The Hard Equipment of Energy Resilience

You cannot rebuild a grid without the transformers and switchgear at its core — and you cannot make those overnight. BRUSH has been making them for 150 years, and is investing to make more. It is a clear expression of how Greenbelt invests in the critical, hard-to-replace infrastructure the energy transition runs on.

Information presented for illustrative purposes only. Past performance is not indicative of future results. BRUSH Group is a current portfolio company of Greenbelt. Certain statements herein are based on Greenbelt's beliefs and are not intended as statements of fact or any representation that stated outcomes will be achieved.