LFM Capital Launches Electric Grid Reliability Platform with ZTZ Services

NASHVILLE, TN – September 18, 2025 – LFM Capital, a private equity firm focused on lower middle market manufacturing and industrial services businesses, announced today its partnership with ZTZ Services International, LLC (“ZTZ Services” or “ZTZ”) to create a new platform focused on North American electric grid reliability solutions. CP Energy Holdings (“CPEH”), a private investment firm focused on energy, power and industrial businesses, has partnered with LFM on the platform and joined as a minority investor. The ZTZ investment marks the eleventh platform company in LFM’s third fund.

Founded in 1997, ZTZ is a provider of online transformer monitoring products and solutions that continuously assess the health of high-voltage transformer assets installed within power generation plants, transmission substations, and distribution substations. The company offers a portfolio of best-in-class solutions, including online transformer monitoring, dissolved-gas analysis (DGA), and advanced alarming, diagnostics and analytics tools, all with remote support and turnkey installation. ZTZ is based in North Miami, Florida.

Steve Cook, LFM Executive Managing Director, stated, “ZTZ’s track record of providing unique and technically robust monitoring solutions is compelling and has led to impressive long-term customer retention. LFM looks forward to supporting Daniel and the rest of the ZTZ team to drive growth while maintaining an ongoing focus on quality production and customer support.” 

Daniel Berler, ZTZ CEO, commented, “Over the past 50+ years, the ZTZ team has been developing the fundamental science, instrumentation, and tools to detect insipient problems in high-voltage bushings used on power transformers. As a pioneer in transformer monitoring, we are proud that our products help utilities, power generators, and industrial customers avoid catastrophic failures, reduce unplanned outages, extend asset life, and improve regulatory compliance. We are excited to work alongside LFM and CPEH to deliver our solutions even more broadly.”

Conner Harris, LFM Managing Director, noted, “Monitoring and maintaining the reliability of the electric grid is critical amidst an aging infrastructure, growing energy demand, and aging workforce. We are seeing these strong secular tailwinds drive adoption across the industry. LFM is thrilled about ZTZ serving as the foundation for a larger platform focused on providing products, services, maintenance and monitoring solutions for substation and electrical grid equipment in North America.”

David Freed, CPEH’s Co-Founder and Co-Managing Partner, added, “We’re excited to partner with two exceptional firms in ZTZ and LFM, and we look forward to bringing our market expertise to the team.”

LFM Associate Aaron Ramsden worked with Cook and Harris on the transaction. Jessica Ginsberg, LFM Managing Director, sourced the opportunity.

About LFM Capital

LFM Capital is a private equity firm based in Nashville, Tennessee. The LFM team is led by experienced and successful Fortune 50 global executive managers and private equity professionals who bring decades of management leadership, operating best practices, exceptional professional recruiting networks, and a successful track record in lower middle market investing. LFM targets lead or control investments in U.S.-based lower middle market manufacturing and industrial services companies with at least $3 million of EBITDA and enterprise values ranging from $15 million to $125 million. The firm’s mission is to partner with portfolio company management to develop and build world-class operations through a combination of manufacturing and operations excellence and targeted growth and expansion strategies. For additional information, please visit www.lfmcapital.com. 

About ZTZ Services

ZTZ is a world leader in on-line continuous diagnostic monitoring for electric utility equipment, primarily high-voltage substation transformers and related high-value transmission assets. ZTZ serves utility clients in North America, South America, Europe, and China, as well as owners and operators of power generation assets, industrial infrastructure, and data centers. For more information, visit www.ztzservices.us. 

About CP Energy Holdings

CP Energy Holdings is private investment firm focused on driving the decarbonization, modernization, reliability and resilience of the energy, power and industrial sectors. The firm’s principals have together built several market-leading industrial decarbonization businesses that they’ve exited to both the private and public markets. CP Energy Holdings was formed in 2024 to invest in leading power and industrial businesses that are creating a cleaner, more reliable energy future. For additional information, please visit www.CPEH.com.