Xantrex Technology and Trace Holdings Complete Merger
Trace Holdings LLC (Arlington, WA) and Xantrex Technology Inc. (Burnaby, BC) have completed their merger effected through an exchange of privately held shares. With combined annual sales in 1999 of US$105.0 million, the merged company will be called Xantrex Technologies Inc. This merger follows Xantrex's acquisition of Statpower Technologies Corp. (Vancouver, BC) in October 1999.
“The respective strengths in people, technology, manufacturing and markets make Xantrex and Trace an excellent fit," said Mossadiq Umedaly, Xantrex's chairman and CEO. “We expect significant operating and financial synergies that will benefit our customers as well as further our growth plans. Combined, we are the one-stop shop for state-of-the-art power electronics from 50W to over 1MW, on a worldwide basis."
“The logic of this combination of two industry leaders is compelling," said Lawrence D. Gilson, chairman of GFI Energy Ventures, a lead Trace investor. “Since our principal markets and global require increasingly demanding power solutions, the enhanced scope of our combined company will be beneficial in customer sales and service, product development, and engineering."
Subsequent to the merger, Xantrex's shareholders reflect its international scope: Oaktree Capital Management and GFI Energy Ventures from California; RTI Capital Partners (Rothschild) from the UK; Ontario Municipal Employees Retirement System and NP Capital Partners (an affiliate of the National Bank of Canada); Royal Bank Ventures from Ontario, GrowthWorks Capital and Business Development Bank of Canada; HSBC Capital from British Columbia; Chorma ATE from Taiwan; and BHF Bank AG of Germany, as well as Xantrex and Trace management and employees.