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    

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

Toyota bets big on a new mode of local transportation: flying taxis
Toyota bets big on a new mode of local transportation: flying taxis
By Akshay Kedari

A California-based aerospace company, Joby Aviation recently announced that it raised USD 590 million as venture capital in a series C round of funding led by Toyota motor company. A sizeable investment made by the automaker in the round is a signifi...

Scandit and Samsung partner to optimize barcode scanning performance
Scandit and Samsung partner to optimize barcode scanning performance
By Akshay Kedari

Software company Scandit AG announced that it will specifically update its range of barcode scanning software for the Samsung Galaxy XCover Pro. The integration of optimized barcode scanning software of Scandit and Samsung’s latest ruggedized a...

Twitter announces new feature to give users more control over replies
Twitter announces new feature to give users more control over replies
By Akshay Kedari

Twitter is finally addressing the issues that have plagued the social network for a while now. The company has reportedly confirmed that it will be testing new features that would allow users to have control over who can reply over their tweets and h...

Faulty sunroofs force Daimler to recall Mercedes-Benz vehicles in U.S.
Faulty sunroofs force Daimler to recall Mercedes-Benz vehicles in U.S.
By Akshay Kedari

The sunroof glass panel can possibly detach itself and pose a major hazard Mercedes-Benz USA could pay $7M if it does not comply with previous settlement terms Daimler AG, the German carmaker, announced that it shall recall about 744,000 Mercede...

Lilly wins Alimta Vitamin Regimen Patent Lawsuit against Apotex Inc
Lilly wins Alimta Vitamin Regimen Patent Lawsuit against Apotex Inc
By Akshay Kedari

  Ruling by the US District Court has concluded that Apotex Inc. would be infringing the Alimta vitamin regimen patent by launching its proposed products until the patent expiration of Lilly   The ruling would bar Apotex from marketing...