iNRCORE Expands Transformer Line; Major Investment Company Steps Into Ownership Position — Signaling More Acquisitions? 

On the product side, iNRCORE has expanded its line of battery management system transformers targeting the EV market while, on the corporate side, major investment firm Warburg Pincus has taken an ownership position in the company – likely signaling more acquisitions are looming for the iNRCORE family of brands. 

A manufacturer of high-reliability magnetics and components, iNRCORE introduced the BMS transformer line in 2022 and now has expanded it with the addition of seven new transformers. Able to provide power electronics for battery management in electric vehicles, the products also can serve energy storage and smart grid applications. 

“The expansion of BMS transformers offer functional, basic and reinforced insulation in five different packages,” said Leo Pan, regional sales manager. “With proven ‘double connection’, we solved a common issue, namely open failure for this type of construction.” 

The transformers resolve the key customer pain point of open failure at wire termination by using spot welding and adding post soldering processes. Once coil wound, wires are spot welded to terminals, which melts enamel wires to leads. Post soldering then prevents oxidation. Together these processes deliver a robust connection to increase reliability by avoiding open failure. For quality assurance, iNRCORE operates full automation for coil winding, spot welding, soldering, testing and packing processes. 

The investment by Warburg Pincus, a leading global private equity firm focused on growth investing, was announced in October, characterized by WP as a definitive agreement to recapitalize iNRCORE. Terms of the deal were not disclosed, however, The Jordan Company, a smaller venture capital firm that invested in iNRCORE in 2020 will remain a shareholder while iNRCORE management and operations will remain intact. 

Sara Trezza, CEO of iNRCORE 

“Over the last 3 years we have brought together some of the best names in passive components such as Bicron Electronics, Gowanda Electronics, Vanguard Electronics and RCD Components to offer a breadth of passive component offerings to meet the most demanding applications,” said Sara Trezza, president and CEO of iNRCORE, which is headquartered in Bristol, Pennsylvania. “Our ability to offer full-product life cycle from custom development through obsolescence management with in-house manufacturing in both the United States and low-cost locations outside of the US will not change under this new ownership structure. In fact, we see a significant opportunity to continue investing in our growth in order to support your existing programs as well as new products.” 

Dan Zamlong, managing director, Warburg Pincus 

“With the growing secular trends of increased electrification and need for connectivity in aerospace and high-reliability industrial applications, iNRCORE has significant growth opportunities ahead. The company’s indispensable products, facilitating mission-critical power and signal transmission, are backed by a strong management team and outstanding customer service,” said Dan Zamlong, Managing Director, Warburg Pincus. “We are thrilled to partner with Sarah and the iNRCORE team, alongside TJC, to build upon iNRCORE’s history of success to expand its offerings in this dynamic market.” 

A leading global growth investor, the firm has more than $83 billion in assets under management with an active portfolio of more than 250 companies, many in aerospace, defense and industrial technology sectors. Headquartered in New York, it has offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, Sao Paulo, Shanghai, and Singapore. 

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