Luxembourg (Luxembourg), 23rd December 2021 - Triton portfolio company Seves Group (“Seves”) has signed an agreement to sell its PPC Insulators (“PPC”) business to PHI Industrial (“PHI”), a specialist industrial investment fund. Terms of the transaction are not disclosed.

PPC is a global leader in the manufacturing of porcelain insulators serving several blue-chip customers in the Transmission and Distribution industry across the world. With a legacy dating back to 1887 and the pioneering production of electrical insulators in Europe, PPC was established in 2001 through the combination of companies Ceram Group and Porcelain Products. PPC became part of Seves in 2007 which in turn was acquired by Triton in 2014.

“PPC is today a global champion in the most resilient segment of the substation porcelain market. Our leadership makes us well positioned to benefit from increased renewable penetration in the global energy mix. We look forward to pursuing expansion in existing and new markets capitalizing on long-term industry trends and increased awareness of the environmental benefits of porcelain together with our new owners, says Erik Göthlin, CEO of PPC Insulators.

“With the acquisition of PPC, we have added an industrial business in an attractive market which will be reinforced in the coming years due to future investment plans on infrastructure at a global scale. We are looking forward to adding our experience, hands-on management to further PPC’s growth journey”, says Alexander Wit, Managing Partner, PHI Industrial.

“As owners of Seves, Triton has driven a major transformation agenda in PPC, consolidating the company's worldwide leading position while improving its organizational process and manufacturing footprint and enhancing its management team. We are delighted to have found a suitable home for the business”, says Joakim Olsson, Chairman of the Board of Directors for Seves and Operating Partner at Triton.

About PPC
PPC Insulators is a technology leader and manufacturer of state-of-the-art electrical porcelain insulators for overhead transmission lines, substations and electrostatic precipitator applications. Traditional porcelain insulators originated in the late 19th century. These were further developed in-house by PPC via its isostatic production technology, allowing production of high-quality products with efficient designs, tightest tolerances and shorter lead times for applications up to 1,200 kV AC and 1,100 kV DC.
nPPC is a dedicated specialist focused on providing you with the right advice and global support for your critical needs to suit your insulation requirements. From our product portfolio of porcelain, hybrid and polymer substation, transmission and distribution insulators – we have tailor-made solutions to cater to your needs. PPC INSULATORS – ELECTRIFYING YOUR WORLD.

About Triton
Since its establishment in 1997, Triton has sponsored ten funds, focusing on businesses in the industrial tech, services, consumer, and healthcare sectors. Triton invests in and support the positive development of medium-sized businesses in Europe.
Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvement and growth.
The 50 companies currently in Triton's portfolio have combined sales of around EUR 18.1 billion and employ around 104,500 employees.
For more information, visit: www.triton-partners.com

About PHI Industrial
PHI is a fund specialised in the acquisition and management of companies in special situations, including spin-offs emerging from multinational corporations. PHI invests in companies in which it sees the potential to increase value through the improvement of their operations. Headquartered in Spain, Italy and the UK, PHI Industrial is interested in acquiring majority positions in medium-sized European companies. PHI has completed 26 acquisitions over the last 15 years and is one of the most active funds in Spain. For more information, visit www.phi-industrial.com