USA: Emerald Lake Capital has taken a majority equity stake in CORE Transformers, a supplier of new and reconditioned transformers and related field services, in a move designed to establish a leading North American transformer platform.
CORE, founded in 2020 and based in Seneca, South Carolina, manufactures and reconditions liquid-filled and dry-type transformers for commercial, industrial, data centre, utility, and renewable applications. Its portfolio spans custom-built power transformers, transformer repair and field services, and a large inventory of reconditioned units. Customers include OEMs, EPC contractors, utilities, and renewable energy developers.
“Partnering with Emerald Lake marks an important milestone for CORE,” said Randall Maddox, co-founder and president of CORE. “We have found a partner that shares our vision and culture, exhibits complementary skills, and has vast contacts across vendors, customers, and top-level staff that have already opened growth opportunities.”
The investment comes at a pivotal moment for the US transformer market. More than 70 % of installed transformers are now past 25 years old, according to the Department of Energy, prompting a significant replacement cycle. At the same time, the International Energy Agency projects electricity demand to rise by nearly 20 % by 2030, driven by EV adoption, building electrification, and industrial load growth.
“CORE has built an impressive reputation as a mission-critical partner for contractors, distributors, and renewable developers,” said Dan Lukas, managing partner of Emerald Lake. “Its differentiated service offerings – speed, customisation, and reliability – align perfectly with our strategy to back strong businesses in markets with long-term growth tailwinds.”
Industry forecasts from BloombergNEF and Wood Mackenzie suggest US utilities will spend billions annually on grid upgrades, with transformer demand growing at 4–5 % CAGR through 2030.
Source: Private Equity Professional
