Sunbelt Transformer merges with service provider Solomon Corporation
U.S.-based private equity firm Trilantic North America has announced the merger of Solomon Corporation, a provider of refurbishment, repair and salvage services for power transformers and related electrical equipment, with Sunbelt Transformer.
Sunbelt Transformer received a strategic investment from Trilantic in May 2018.
Solomon was formerly a portfolio company of funds managed by the GFI Energy Group of Oaktree Capital Management, L.P.
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According to a press statement, the combined entity will address a critical segment of the electrical power equipment and services market, serving the transformer and related needs of commercial, industrial and electric utilities customers throughout North America. As part of the transaction, Tom Smith, CEO of Sunbelt, has been appointed Chairman and CEO of the combined entity, with key leaders from both organizations remaining on board to guide the business’ next phase of growth.
“Sunbelt and Solomon are both companies with entrepreneurial roots that have grown through an emphasis on delivering quality solutions, superior customer service and cultures of collaboration and rigor,” said Mr. Smith. “I am honored to lead this combined business and believe that the unique strengths of each company will allow us to better serve our clients for years to come.”
“I am tremendously proud of Solomon’s growth to date and look forward to partnering with the team at Sunbelt in order to more effectively serve our customers as a joint platform,” said Tom Hemmer, former CEO of Solomon Corporation, who will serve as Group President of Solomon going forward.
“Both Solomon and Sunbelt have strong legacies of providing best-in-class service and solutions to customers in different segments of the broader electrical products and services market, with nearly 50 and 40 years in business, respectively,” said Charles Fleischmann, Partner at Trilantic North America. “The complementary nature of the two businesses will have a substantial and positive impact on their ability to provide new services and solutions to existing customers and expand their footprint to reach new customers.”
Founded in 1971, Solomon provides refurbishment, repair and salvage services for electrical transformers and other electrical equipment. Through its seven locations, the company serves customers including municipalities, rural electric cooperatives and investor-owned utilities and industrial users.
Sunbelt was founded in 1981 and, through its eleven locations nationwide, provides its customers with timely, flexible and customized equipment solutions through multiple channels, including new, remanufactured and rental product offerings. In addition, the company provides associated technical testing, repair, maintenance and installation services.
Harris Williams acted as the exclusive financial advisor to Solomon on the transaction and Kirkland & Ellis LLP served as its legal advisor. Gibson, Dunn & Crutcher LLP provided legal advice to Trilantic North America and Lincoln International LLC served as its financial advisor.
Founded in 1981, Sunbelt Transformer is a provider of new and remanufactured electrical power and distribution equipment, including transformers, switchgear and circuit breakers, and related repair and field services. Based in Temple, Texas and Sharon, Pennsylvania and operating from eleven locations across the United States, Sunbelt is recognized for its highly customizable solutions, technical expertise, speed of service and unparalleled standard of care, by customers across commercial, industrial and utility markets, among others.
Solomon Corporation is a provider of refurbishment, repair and salvage services for electrical transformers and related oil-filled equipment. Founded in 1971 in Solomon, Kansas, the Company serves investor-owned, municipal and cooperative utilities as well as industrial owners of electrical equipment throughout North America. Solomon’s superior offering is driven by its scale, breadth of services, long-standing customer relationships and consistent track record of dependable service. Solomon operates through seven facilities in six states.
Source: Prosek
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