ATHENS, Georgia–(BUSINESS WIRE)–Spire Power Solutions LP (“Spire”), a portfolio company of Mill Point Capital LLC (“Mill Point”), announced today that it has acquired V&F Transformer Corporation (“V&F” or “Company”), a third-generation family business located in Elgin, Illinois, with a history of nearly 60 years.
V&F Transformer is a leading manufacturer of custom dry-type transformers and magnetic components for high-growth end markets for power management and distribution equipment, including data centers, electric vehicles/batteries, and industrial automation. V&F’s engineering-first approach provides industry-leading product performance for mission-critical and demanding applications.
Antony Besso, Executive Chairman of Spire and Managing Partner of Mill Point, commented: “The acquisition of V&F is highly complementary to Spire’s current dry-type transformer products because it increases our overall market share of professional customized magnetic products for high-growth end markets including Data center and electric vehicle applications. We are very pleased that V&F and its leadership team have joined the Mill Point family of companies.”
Spire CEO Justin Smith (Justin Smith) added: “V&F Chairman Dean Foderaro Sr. and V&F President Dean (Dino) Foderaro Jr. have established an incredible Business, focusing on operational excellence through an engineering-first approach and culture. By combining V&F with the existing Spire platform, we will continue to increase our product suite and execute our overall growth strategy. I look forward to Dino joining the Spire leadership team , Serving as the president of the newly merged Spire dry-type transformer business unit, which will include V&F Transformers and Jefferson Electric.”
V&F President Dino Foderaro, Jr. commented: “On behalf of V&F Transformers, we are very happy to join the Spire team. I am eager to lead the combined Spire dry-type transformer business unit. Use our newly merged business to create a first-class supply of dry-type transformer solutions. Business, there are huge growth opportunities and capabilities.”
Spire is a leading manufacturer of power transmission and distribution solutions in North America, including liquid-filled transformers and dry-type transformers, serving the utilities, public power, renewable energy, construction, industrial and OEM markets, and is known for its safety, high quality, and reliability The entire industry products and excellent engineering capabilities. For more information, please visit www.spirepowersolutions.com. Spire is a portfolio company of Mill Point Capital.
Mill Point Capital LLC is a private equity company that focuses on controlled investments in low- and mid-market companies in North America’s industrial, business services and IT services sectors. Mill Point’s experienced team of investors and managing partners seeks to enhance the value of portfolio companies through rigorous implementation of transformative strategic plans and operational improvements. Mill Point is located in New York City, New York. For more information, please visit www.millpoint.com
Post time: Nov-29-2021
