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HighBank serves as exclusive financial advisor to Virginia Transformer Corp in alliance with Caravels, LLC on its acquisition of the assets of Efacec Power Transformers, Inc.

December 30, 2014

HighBank Advisors (“HighBank”), a Baltimore, Maryland based middle market investment bank, announces that it was the exclusive financial advisor to Virginia Transformer Corp (“VTC”) in alliance with Caravels, LLC (“Caravels”) on its acquisition of the assets of Efacec Power Transformers Inc. (“EPT”), a manufacturer of custom engineered power transformers. Terms of the transaction were not disclosed. 

In November 2014, VTC, a leading manufacturer of custom power electric transformers for the utility, renewable energy, industrial, mining, oil and gas and other markets, announced a strategic alliance with Caravels. This alliance will develop and deliver advanced technology and services to customers around the world under the Virginia Transformer and Efacec brands and create the nation’s second largest transformer business by capacity and third largest by revenue. Caravel’s purchase of the EPT assets closed on December 30, 2014.

Regarding the EPT acquisition, Prabhat Jain, President of VTC said “The professionals at HighBank provided outstanding guidance and senior-level expertise throughout a complex cross-border transaction. I have known the senior principals of HighBank for two decades and they are trusted advisors.”

Stephen Gaines, Managing Director, at HighBank stated, “We are excited to have assisted VTC and Caravels through this acquisition. Under the respective leadership of Prabhat Jain and Neerja Gursahaney, the two companies are poised to cement their position as the major player in the U.S. transformer market.”

 About Caravels, LLC

Caravels, LLC is a woman- and minority-owned private investment company.

 About Virginia Transformer Corp

Virginia Transformer Corp is the nation’s second-largest provider of custom engineered power electrical transformers for utility, renewable energy, industrial, mining, oil and gas, commercial, institutional, specialty and export markets in power ranges from 500 kV to 500 MVA.

Virginia Transformer produces one of the broadest ranges of small and medium power transformers available from a single source. It has facilities and offices in Virginia, Idaho, Mexico and India. For more information visit www.vatransformer.com.

Efacec Power Transformers Inc.

Efacec Power Transformers Inc. manufactures power transformers. The company was founded in 2008 and is based in Rincon, Georgia. Efacec Power Transformers Inc. operates as a subsidiary of Efacec Capital, SGPS, SA. For more information visit http://www.efacecusa.com.