FORT LEE, NEW JERSEY - Pioneer Power Solutions Inc. has agreed to sell its transformer divisions, including Franklin-based Jefferson Electric Inc., to New York private equity firm Mill Point Capital for $65.5 million.

Pioneer Power, with locations in the U.S., Canada and Mexico, manufactures, sells and services electrical transmission, distribution and on-site power generation equipment. Its transformer businesses make specialty electrical transformers for utility, commercial power, industrial manufacturing and construction users.

The transaction includes all the assets and liabilities of Pioneer Transformers Ltd. and Pioneer Dry Type Transformer Group, which contains Jefferson Electric, Bemag Transformer Inc. and Harmonics Ltd. LLC, reports BizTimes.

Mill Point executive partner Antony Besso will become chairman of Pioneer Transformers.

The transaction is expected to close in the second half of the year.


Source: BizTimes