Southwire Announces Acquisition of Novinium

Screen Shot 2022 03 30 At 2 52 19 Pm
Southwire

CARROLLTON, Ga. — Southwire on Monday announced the acquisition of Novinium Holdings Inc., a cable rejuvenation solutions provider focused on electric utilities.

Novinium, based in Kent, Washington, is the only full-service underground expert that partners with utility companies to keep their distribution system operating at peak performance using the most capitally efficient and environmentally friendly methods available. Novinium continues to advance its cable rejuvenation technology, methods and delivery through its signature CableCure service.

The deal will support the Southwire's growth strategy and strengthen its commitment to remain generationally sustainable.

"We are very excited about the acquisition of Novinium at Southwire. Novinium's cable rejuvenation system which extends the life of underground cables is an amazing value proposition for our existing and prospective customers whom we aim to serve," said Thomas Courtney, Southwire vice president of services. "This acquisition reaffirms Southwire's leadership in the cable industry and will be a foundational element for the further development of field services within the newly formed Southwire Service & Solutions business." 

"We are excited to welcome Novinium to Southwire. The skills, tools and expertise of the Novinium team will complement Southwire's existing suite of wire and cable solutions, allowing us to support the growing need for electric system reliability and resiliency," said Rich Stinson, Southwire's president and CEO. "Novinium's unique service offering will further expand Southwire's role as a key resource to our utility partners and continue to bolster our growing Services business."

More in Mergers & Acquisitions