Emerald Lake Buys CORE: Launches North American Transformer Platform

Emerald Lake Capital has made a majority equity investment in CORE Transformers, a supplier of new and reconditioned transformers and repair services.

CORE Transformers manufactures and reconditions liquid-filled and dry-type transformers used in commercial, industrial, data center, and renewable energy applications. The company’s core products—sold to OEMs, engineering, procurement, and construction (EPC) firms, utilities, and renewable energy developers—include custom-built power transformers, transformer repair and field services, and an inventory of reconditioned units.

CORE Transformers was founded in 2020 and is headquartered 37 miles southwest of Greenville in Seneca, South Carolina.

“Partnering with Emerald Lake marks an important milestone for CORE,” said Randall Maddox, a 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 North American transformer market is set for steady growth as the grid adapts to new demands. According to the US Department of Energy, more than 70% of U.S. transformers are over 25 years old, which creates a clear replacement cycle. At the same time, the International Energy Agency expects electricity demand to climb nearly 20% by 2030, fueled by EV adoption, building electrification, and industrial load growth.

BloombergNEF and Wood Mackenzie both point to grid modernization and renewable integration as major drivers, with utilities expected to spend billions annually on upgrades. Together, these factors suggest the market will grow at roughly 4–5% CAGR through 2030.

“We are excited to partner with some of the most respected executives in the transformer industry,” said Dan Lukas, a managing partner of Emerald Lake. “CORE has built an impressive reputation as a mission-critical partner and product specialist for value added resellers, contractors, distributors, and renewable power developers. We look forward to supporting the company’s continued growth and commitment to its mission of providing safe, reliable, and sustainable transformer solutions. CORE’s differentiated service offerings of speed, customization, and ease of doing business align perfectly with Emerald Lake’s strategy of backing businesses with strong competitive positions in markets with long-term tailwinds.”

Emerald Lake, headquartered in Santa Monica, was founded in 2018 by former Ares Capital professional Daniel Lukas. Today, the firm manages approximately $1.6 billion in equity capital and has completed ten platform investments.

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