Pioneer Transformers acquires Power Partners from OpenGate Capital

By Akshay Kedari  Date: 2019-11-27

Pioneer Transformers acquires Power Partners from OpenGate Capital

OpenGate Capital, a globally recognized private equity firm, reportedly announced that it has successfully sold Power Partners to a portfolio firm of New York based Mill Point Capital, Pioneer Transformers.

OpenGate, on January 2016 acquired Power Partners in a proprietary transaction, which marked the first investment for its first institutional fund. Power Partners, headquartered in Athens, Georgia, possesses a single production facility that is supported by around 370 employees.

Justin Smith, President of Power Partners, stated that the company has been a leading manufacturer of pad-mounted and pole distribution transformers, serving customers in utility, commercial and industrial sectors across the Caribbean, Central America, North America and other markets. The company’s manufacturing facility has been able to produce over nine million transformers in its 60-year old history.

Founder and CEO at OpenGate, Andrew Nikou, reportedly stated that the company is thrilled to invest in Power Partners. The company had been a testament to OpenGate’s unified strategy; providing a proprietary investment opportunity, taking over the business at the right amount, executing the company’s operational turnaround strategy, and lastly crystallizing the value that the company created through its exit.

Nikou further added that working with Justin Smith and the Power Partners team has led to improvements in manufacturing, stabilization of delivery and production processes, development of a new, pad-mounted product that had given rise to new market opportunities thereby building a fully independent sales team. Power Partners had grown from single digits to more than $10 million within four years.

Meanwhile, Smith, President of Power Partners further claimed that the company had an incredible experience and support from OpenGate. Now the company is looking ahead to its new partnership with Mill Point Capital and Pioneer Transformers. The company is about to start a new chapter with Mill Point Capital and continues to grow.

Details relating to the transaction have not been unveiled by the parties involved.

Source credit: https://business.financialpost.com/pmn/press-releases-pmn/business-wire-news-releases-pmn/opengate-capital-realizes-investment-in-power-partners

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More

More News By Akshay Kedari

Google to offer cyber insurance to cloud users with Munich Re, Allianz

Google to offer cyber insurance to cloud users with Munich Re, Allianz

By Akshay Kedari

Google, Allianz, and Munich Re have teamed up to launch a Risk Protection Program. This program intends to reduce cloud security risks and provide cyber insurance designed for Google Cloud users. Google Cloud, Munich Re, Allianz Global Corporat...

Space startup GITAI secures USD 17.1 million in Series B funding round

Space startup GITAI secures USD 17.1 million in Series B funding round

By Akshay Kedari

Japanese space technology startup GITAI has reportedly secured UDS 17.1 million through a Series B funding round which was led by SPARX Innovation from Future Co. Ltd. The round also saw participation from DCL Venture Growth Fund, EP-GB (Epson’...

Williams Racing and Acronis extend their cyber protection partnership

Williams Racing and Acronis extend their cyber protection partnership

By Akshay Kedari

Williams Racing, a British Formula One motor racing team, has announced to have renewed its technology partnership with a Switzerland-based leading cyber protection and software company Acronis International GmbH. As a part of the Official Cyber Pro...

Tesla planning to set up EV manufacturing facility in Karnataka, India

Tesla planning to set up EV manufacturing facility in Karnataka, India

By Akshay Kedari

American electric car company Tesla Inc. has reportedly signed an agreement to manufacture its electric vehicles in Karnataka, India after announcing an entry into the South Asian country in 2021. The company had established its Indian subsidiary cal...

Pandemic forces Heineken to recoup profits by cutting 8000 jobs

Pandemic forces Heineken to recoup profits by cutting 8000 jobs

By Akshay Kedari

The Dutch brewing company, Heineken N.V., has recently revealed its plans to cut around 8000 jobs in an attempt to restore its operating margins after it witnessed a sharp decline in its profit trajectory amid the COVID-19 pandemic. Moreover, it will...