December 12, 2018 – Northern Transformer, which designs, engineers and manufactures liquid-filled transformers in Maple, Ont., has sold a minority stake to Southern States Investment Holding (SSIH). Terms of the deal were not disclosed.
Northern Transformer announced it plans to use the investment as capital to expand its manufacturing capabilities for vapour phase technology, extend its product range to 250 kV and expand its market reach beyond Canada.
“The SSIH investment gives us new resources to serve our clients with the highest-quality power transformers at even higher ratings,” says Alexei Miecznikowski, CEO of Northern Transformer. “We are looking forward to sharing their deep utility sector experience and broad access to the U.S. and other international markets.”
All proceeds from the transaction are to be invested in infrastructure and operations, with no change in the company’s strategy or management team.
“Northern Transformer is a world-class manufacturer poised for significant growth,” says Raj Anand, CEO of SSIH, which owns an outdoor switchgear manufacturer, Coelme Spa, in Italy. “We are very impressed with their management and technical team, their state-of-the-art facilities and their reputation with their customers.”