Trilantic North America has acquired a majority stake in Temple, Texas and Sharon, Pennsylvania-based Sunbelt Transformer, a provider of power solutions, equipment and services for commercial, industrial and utility end markets. The seller was Grey Mountain Partners. No financial terms were disclosed. RW Baird & Co. was financial adviser to Sunbelt on the transaction while Lincoln International LLC did likewise for Trilantic North America.
New York – June 7, 2018 – Trilantic North America, a leading private equity firm, today announced that it has acquired a majority interest in Sunbelt Transformer (“Sunbelt” or the “Company”), a provider of power solutions, equipment, and services to commercial, industrial and utility end markets, from Grey Mountain Partners. Trilantic North America invested in partnership with Sunbelt’s CEO, Dan Sweeney, and other key members of management to support the Company’s next phase of growth.
As part of the transaction, Tom Smith, former CEO of MacLean Power Systems, will join the Company as Chairman of the Board of Directors. Trilantic North America previously held a minority interest in MacLean, a provider of power products to utility and industrial markets.
“The Trilantic North America team brings deep expertise in our end markets and has a proven history of providing strategic guidance and hands on support to help growing businesses scale.” said Mr. Sweeney. “We’re confident the financial and human capital commitment will help us better serve new and existing customers through investments in people, systems and solutions.”
Sunbelt was founded in 1981 and 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. Since its founding, Sunbelt has grown to over 150 team members across 10 locations nationwide.
“Dan has done an incredible job growing Sunbelt into a preferred partner within the supply chain, recognized by customers for its technical expertise, leading customer service, and superior speed of delivery,” said Charles Fleischmann, Partner at Trilantic North America. “We’re excited to partner with such a passionate and entrepreneurial management team to support the Company through its next chapter of development.”
“The Sunbelt team has identified and delivered a truly unique value proposition to a large, underserved part of the market, as evidenced through the Company’s historical performance.” said Mr. Smith. “I look forward to working with Dan and his team to expand Sunbelt’s business across more customers and geographies.”
RW Baird & Co. acted as the exclusive financial advisor to Sunbelt on the transaction and Proskauer Rose LLP served as its legal advisor. Kirkland & Ellis LLP provided legal advice to Trilantic North America and Lincoln International LLC served as its financial advisor.
About Trilantic North America
Trilantic Capital Management L.P. (“Trilantic North America”) is a private equity firm focused on control and significant minority investments in North America. Trilantic North America’s primary investment focus is in the business services, consumer and energy sectors. Trilantic North America currently manages six private equity fund families with aggregate capital commitments of $7.9 billion. For more information, visit www.trilanticnorthamerica.com.
About Sunbelt Transformer
Founded in 1981, Sunbelt Transformer is a leading 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 ten 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. For more information, please visit http://www.sunbeltusa.com.