Private equity firm Blackford Capital has bought Grand Transformers Inc or GTI, a statement about the acquisition said. Financial details about the acquisition were not disclosed but financing for the deal was given by Comerica Bank and Huntington Bank.

Based in Grand Haven, Michigan, GTI serves the various industries like the oil and gas, power quality, elevator, drives and instrumentation by providing transformers and inductive components which it designs and makes. The company was established in 1948 and now has a 70 employees working in a plant measuring 55,000 square feet.

Blackford Capital Managing Director Jeff Helminski said in the statement, "Grand Transformers' advanced engineering and lean manufacturing operations have made the Company the market leader in its field. We are honored that Greg and Jerry have entrusted their family legacy to our stewardship, and are excited to work with the existing GTI management team to grow the company and create jobs in Michigan."

The acquisition of GTI represents the third purchase of Blackford Capital's Michigan Prosperity Fund which was formed in 2012. The Fund's first two acquisitions were that of Custom Profile Inc and Mopec. It was created in to give Michigan-based investors the best equity returns while supporting the local economy by safeguarding and forming jobs in the state, the statement said.

As part of the transaction, Blackford Capital will be putting together a Board of Directors and getting operating partners to help support the company's management team and expand its operations. GTI's Chief Operating Officer Ed Smith will be leading the GTI team as its Chief Executive Officer, the statement said.

Smith said in the statement, "Blackford Capital brings a wealth of strategic knowledge and financial resources to GTI. We look forward to working closely with Blackford to grow our existing business, expand into new markets, and add more jobs in the community."