By Aidan Mortensen | KOAL News
In a stunning development, Integrated Power Services, based in South Carolina, acquired Tram Electric in an April 2 deal. Tram Electric, based in Price, Utah, supplies electromechanical products and services across four states, servicing Utah, Arizona, Wyoming and Colorado.
Founded in 1981, Tram Electric has housed its main production facilities and corporate headquarters in Price.
“This is truly a golden opportunity,” said Dave Zaccaria, President of Tram Electric. “At Tram Electric, we’re excited about the IPS vision and feel honored to be a part of this vision. Our employees are the reason we’re here, and we want the very best for them. As we integrate Tram into IPS, we anticipate playing a pivotal role in shaping our future and bringing IPS solutions and growth strategies to the Western market.”
Tram Electric is a major player in the four corners area for remanufacturing and repairing generators, pumps, voltage regulators, transformers, motors, control panels, switch gear, and phase converters. The company is one of the country’s eleven Siemens Large Motor Certified Service Partners.
IPS operates one of the largest remanufacturing networks in the world, having locations across North America, the United Kingdom, and the Caribbean. The acquisition of Tram Electric opens up a new Western market for the company.
Al Barlow, Senior vice president and regional General Manager of the IPS Electromechanical Division, stated, “By working together, Tram Electric and IPS will be able to deliver an even more comprehensive suite of solutions to customers in the mining industry as well as other industrial and commercial markets.”
This marks the latest expansion effort by IPS, which has acquired over 10 domestic and international companies over the past year. These include Houghton International, Cortes Industrial, Dual Electrotech and MDL Énergie.
“The addition of Tram Electric is another example of a significant investment IPS has made to develop a leading aftermarket service network for the copper and precious metal mining markets in the U.S. and the Oil Sands in Canada,” said John Zuleger, IPS President and CEO. “We are listening to customers who are seeking a partner to support reliable mining equipment operations at a time when these markets are preparing for significant capacity expansions and electrification of these processes.”
IPS is owned by private equity firm Searchlight Capitol, which boasts a $15 billion portfolio that includes businesses worldwide.