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Avantha Group Company CG has sold its Canadian Power Transformer (CPT) business to PTI Holdings Corp for an enterprise value of C$20 million.
The deal and the commercial terms are subject to regulatory approvals. Transfer of the business will be effective October 27, the company said in a statement.
PTI Holdings Corporation manufactures and services liquid filled distribution, small and medium size power transformers up to a base rating of 40MVA at 145kV.
“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,” said PTI Holdings Corporation CEO George Partyka.
In 2005, CG had acquired 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.
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