Emerald Lake Capital has acquired a majority equity stake in CORE Transformers, a South Carolina-based supplier of new and reconditioned transformers and related services. The investment establishes a platform focused on transformer supply and repair across North America.

Founded in 2020, CORE Transformers manufactures and reconditions liquid-filled and dry-type transformers. The company also offers field repair, custom-built units, and maintains an inventory of reconditioned products. Its customers include OEMs, EPC firms, utilities, and renewable energy developers. CORE is headquartered in Seneca, South Carolina.

Randall Maddox, co-founder and president of CORE, said the partnership would accelerate growth opportunities by leveraging Emerald Lake's network and resources.

The deal comes amid increasing demand for transformer replacement and upgrades. The U.S. Department of Energy reports that over 70% of U.S. transformers are more than 25 years old. Meanwhile, the International Energy Agency projects electricity demand will rise nearly 20% by 2030, driven by electric vehicle adoption, electrification, and industrial growth. Analysts expect the market to grow at a compound annual rate of 4-5% through the decade.

Dan Lukas, managing partner of Emerald Lake, said the firm sees CORE as a "mission-critical partner" positioned to benefit from grid modernization and renewable integration.

Founded in 2018 by former Ares Capital professionals Daniel Lukas and Carling O'Brien, Emerald Lake Capital manages about $1.6 billion in equity and has completed 10 platform investments. The firm is based in Santa Monica, California.

Source: peprofessional.com