June 30, 2023
Integrated Power Services (“IPS”), North America’s leading solution provider for electromechanical equipment, rotating equipment, and power management systems, has acquired Surplec. Headquartered in Sherbrooke, Quebec, Canada, Surplec is an industry leader in the management and remanufacturing of surplus medium and high-voltage transformers.
The sale includes three Surplec locations serving customers across Canada and the U.S. These locations — in Quebec, Ontario, and Alberta — provide remanufactured and new transformers, repair services, lease equipment, technical field services, and engineering. Surplec provides critical transformer availability and reliability for customers in heavy industry, mining, institutional, and utility markets.
The acquisition strengthens IPS resources in power management and remanufacturing, following the prior acquisitions of ABB’s Denver, Colorado service center, Tampa Armature Works, National Switchgear, Evans Enterprises, and Southland Electrical Group.
“After 36 years, I am proud to announce that the acquisition of Surplec by IPS will consolidate our strengths in Quebec and will allow us to accelerate planned expansions across Canada,” said Mario Lambert, founder, and owner of Surplec. “Surplec has created a recycling and reuse model for medium and high voltage transformers and equipment for the Canadian industry. The quality of our refurbishments has brought great renown to the company thanks to the competence and discipline of our human resources. This human strength is at the heart of future projects and is essential to the growth of IPS in Canada. With the combination of IPS and Surplec, we look to the future with great optimism.”
“Surplec is a very important addition to IPS’s power management offering. In addition to expanding our service capabilities across Canada, it brings to our Canadian and US customers a full range of transformer service capabilities. Transformer services remain in high demand with transformational energy generation changes, electrical grid updates, and new power management processes simultaneously impacting our customers,” said John Zuleger, IPS President & CEO. “The technical expertise of Surplec is immediately leverageable across IPS and our customer base. With this addition, IPS continues its power management service expansion which, when added to electromechanical services, enables us to see respond, rethink, and resolve reliability challenges few providers can address.”
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Translink Corporate Finance is an independent partnership of firms dedicated to Corporate Finance and M&A advisory services through over 35 offices in the key markets in Europe, North and South America, Asia, Australia, and Africa. Translink has been successful in advising clients on thousands of transactions since its founding in 1972 and Translink offices have acted as advisers in over 100 M&A projects during the last twelve months.
Dinan & Company, LLC is the partner firm of Translink Corporate Finance in the United States. It is a leading national M&A and merchant banking services company with over 35 years of advisory experience dedicated to middle-market transactions.