Grand Transformers of Grand Haven acquired by Blackford Capital
USA, Michigan: Blackford Capital, Grand Rapids-based private equity firm, has acquired a Grand Haven transformer manufacturer which custom designs and produces transformers and electrical components for industrial uses.
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USA, Michigan: Blackford Capital, Grand Rapids-based private equity firm, has acquired a Grand Haven transformer manufacturer which custom designs and produces transformers and electrical components for industrial uses.
Blackford Capital raised $3.42 million to help finance the deal, according to a recent regulatory filing with the US Securities and Exchange Commission. Terms of the deal were undisclosed. Jeff Helminski, Blackford Capital’s managing director, said Ed Smith, Grand Transformers’ chief operating officer, will become CEO.
Grand Transformers was family-owned company and Jeff Helminski, Blackford Capital’s managing director, said it fit perfectly with the private equity firm’s investment criteria. “We think we can bring the strategic and financial skills to bear on the company that we have and partner with the management team to try to accelerate that growth rate.” Helminski said.
At its production facility on Grand Haven’s east side, Grand Transformers employs about 70 people.
Source: MiBiz
Image: 300KVA High Reactance Multitap Isolation Transformer NEMA1 by Grand Transformers (Copyright)
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