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Sunbelt Transformer Merges with Solomon to Serve Transformer Needs of North American Customers
Wednesday 03 July 2019

3 July 2019 - Kansas, US-based Solomon Corp., a provider of refurbishment, repair and salvage services for electrical transformers and related electrical equipment has merged with electrical power and distribution equipment provider Sunbelt Transformer, based in Texas and Pennsylvania, the company said.
Terms of the transaction were not disclosed.
Sunbelt received a strategic investment from private equity firm Trilantic North America in May 2018. Solomon was formerly a portfolio company of funds managed by the GFI Energy Group of Oaktree Capital Management, L.P.
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.
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, through its eleven locations nationwide, provides its customers with timely, flexible and customised 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.
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 USD 9.4bn.
Harris Williams acted as the exclusive financial advisor to Solomon on the transaction and Kirkland and Ellis LLP served as its legal advisor. Gibson, Dunn and Crutcher LLP provided legal advice to Trilantic North America and Lincoln International LLC served as its financial advisor.
Date Published: 03/07/2019
Target: Solomon Corp
Country: USA
Sector: Utilities
Type: LBO
Status: Closed
Vendor: GFI Energy Group
Buyer: Sunbelt Transformer
Buyer Advisor: Gibson, Dunn and Crutcher , Lincoln International
Terms of the deal were not disclosed