Harris Williams Advises Solomon Corporation on its Sale to Sunbelt Transformer Ltd.

July 1, 2019

Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised Solomon Corporation (Solomon) on its sale to Sunbelt Transformer Ltd. (Sunbelt), a portfolio company of Trilantic North America. Solomon, a portfolio company of funds managed by the GFI Energy Group of Oaktree Capital Management, L.P. (Oaktree), is one of the nation’s largest rebuilders of transformers, regulators and reclosers for large utilities, municipal utilities and electric cooperatives, and industrial power users. The transaction was led by Drew Spitzer, Matt White, Ian Thomas, Neha Shah and Marshall Wills of Harris Williams’ Energy, Power & Infrastructure (EPI) Group.

“Solomon is recognized as one of the industry’s premier equipment and service providers, known for its exceptional lead time, service breadth and quality, and commitment to its customers,” said Drew Spitzer, a managing director at Harris Williams. “The combination with Sunbelt is incredibly compelling, and we look forward to following the company’s future as one of the industry’s leading comprehensive solutions providers.”

“The sale of Solomon represents our fifth outsourced utility services transaction in 12 months and is illustrative of the continued interest we’re seeing in the sector,” said Matt White, a managing director at Harris Williams. “We expect robust demand across power-dependent industries, the continued outsourcing of mission-critical services and increasing investments in grid modernization to continue driving strong deal activity in the utility services market.”

Founded in 1971, Solomon is one of the nation’s largest providers of maintenance, repair and restoration services on transformers, regulators and reclosers for investor owned utilities, municipal utilities and electric cooperatives, and industrial power users. The company is committed to providing unmatched service to utility and industrial customers nationwide. Engineering support, safety and environmental records, and dedication to delivering quality products have set Solomon apart from the competition for more than 40 years.

Oaktree is a leader among global investment managers specializing in alternative investments, with $119 billion in assets under management as of March 31, 2019. The firm emphasizes an opportunistic, value-oriented and risk controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 950 employees and offices in 18 cities worldwide.

Founded in 1981, Sunbelt is a leading provider of new and remanufactured electrical power and distribution equipment, including transformers, switchgear and circuit breakers, and related repair and field services. Based in Temple, Texas and Sharon, Pennsylvania and operating from 10 locations across the United States, Sunbelt is recognized for its highly customizable solutions, technical expertise, speed of service and unparalleled standard of care, by customers across commercial, industrial and utility markets, among others.

Trilantic North America is a private equity firm focused on control and significant minority investments in North America. Trilantic North America’s primary investment focus is in the business services, consumer and energy sectors.  Trilantic North America has managed six private equity fund families with aggregate capital commitments of $9.4 billion.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

Harris Williams’ EPI Group has experience across a broad range of sectors, including industrial and infrastructure services, oil & gas equipment and services, energy efficiency and clean tech, power products and technology, engineering and construction, and environmental services. For more information on the firm’s energy, power, and infrastructure experience, please visit the EPI Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. awaited). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.