GRAND RAPIDS, MI -- Grand Transformers (GTI) has acquired Warner, N.H.-based Warner Power (Warner), a designer and manufacturer of electrical transformers and power systems. Warner Power provides highly engineered power conversion products that improve process reliability and efficiency for a broad range of industries worldwide. The acquisition of Warner provides GTI with access to new customers, technical capabilities and industries, and the two companies will complement each other on their shared strengths. The manufacturing facilities of both companies will continue production in order to service the company's current clients and capitalize on the shared geographies. Management teams from both companies will remain in place with Nick Hoiles, current CEO of Warner Power, being named as CEO of the combined businesses.
Grand Transformers is a portfolio company of Blackford Capital, a national private equity firm headquartered in Grand Rapids, Mich., that acquires, manages and builds middle-market manufacturing, distribution and service companies. Blackford acquired GTI in February 2014, resulting in a record year for GTI in 2015.
GTI's existing lending partner, Comerica Bank, provided additional financing for the transaction.