Electric Research and Manufacturing Cooperative Inc., a manufacturer of distribution transformers for the utility, commercial and industrial markets and a subsidiary of Arkansas Electric Cooperatives Inc., has acquired Spire Power Solutions LP, a North American manufacturer of power transformers, from private equity firm Mill Point Capital LLC.
Headquartered in Athens, Ga., Spire has served the electrical utility, commercial and industrial sectors for over 100 years. The company manufactures a range of liquid-filled and dry-type transformers through the Power Partners, Pioneer Transformers, Jefferson Electric and V&F Transformer brands.
“Since the initial transaction in 2019, Spire has evolved into a leading player in the transformer industry and is poised to benefit from continued investment in the North American power grid,” states Dustin Smith, partner of Mill Point Capital.
Lincoln International acted as financial advisor to Mill Point Capital and Spire Power Solutions.