Avantha Group Company CG announces the sale of its Canadian Power Transformer (CPT) business to PTI Holdings Corporation for an enterprise value of Canadian $20 million subject to post-closing adjustments. The structure of the deal and its commercial terms remain subject to applicable regulatory approvals. The transfer of the business will be effective on October 27th.
PTI Holdings Corporation is an innovative leader in the electrical industry, producing some of the most groundbreaking, cost-effective and high quality solutions for transformers globally. The Company currently manufactures and services liquid filled distribution, small and medium size power transformers up to a base rating of 40MVA at 145kV. PTI was recognised as one of Canada’s Best Managed Companies since 2008, achieving Platinum Status in 2014.
In 2005, CG attained CPT as part of the acquisition of the Pauwels group. CPT is based in Winnipeg, Manitoba, Canada. It manufactures medium and large power transformers for Utilities across Canada. CPT’s manufacturing capacity is 7,200 MVA per year and it employs around 200 people. This acquisition will further reinforce the offerings of PTI and their commitment to further develop the business.
Commenting on the significant development Mr. George Partyka, PTI’s CEO said, “The acquisition of CPT in Winnipeg is one step towards expanding PTI’s product and technology portfolio and will help to extend PTI’s leadership as innovators in Canadian built transformers and transformer based substation solutions. We are very pleased to welcome all the new employees into our family and look forward to creating more value for our customers”.
Commenting on the divestiture, Avantha Group Company CG’s CEO & Managing Director, Mr. Laurent Demortier said, “I am very pleased with PTI acquiring this business, a renowned manufacturer in Canada. PTI will leverage this asset and will ensure its sustained growth. We thank all the employees and customers who supported the development of CPT in the last 10 years. The divestiture is the second key step in CG’s strategy to refocus its business activity”.