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

Fibonacci Brands acquires Darwin from Harvest Health & Recreation
Fibonacci Brands acquires Darwin from Harvest Health & Recreation
By Akshay Kedari

Fibonacci Brands has recently announced the acquisition of Darwin from Harvest Health & Recreation (HARV.CN) as its foundation brand. Fibonacci is a leading player in the international cannabis industry. According to James George, founder of Fib...

GVN adds EVIT Center and Chumakov as its new Centers of Excellence
GVN adds EVIT Center and Chumakov as its new Centers of Excellence
By Akshay Kedari

The Global Virus Network (GVN), an international coalition of medical virologists, has recently announced the addition of Australian and Russian researchers. GVN is adding the Center for EVIT (Emerging Viruses, Inflammation & Therapeutics) of th...

Wind Point Partners takes over RTIC to expand business portfolio
Wind Point Partners takes over RTIC to expand business portfolio
By Akshay Kedari

American private equity firm, Wind Point Partners has recently signed an acquisition deal with the one of the biggest direct-to-consumer (D2C) eCommerce providers of drinkware, RTIC. Reportedly, RTIC is Wind Point’s third acquisition of a famil...

Novartis reveals positive data from Phase III ORION trials of inclisiran
Novartis reveals positive data from Phase III ORION trials of inclisiran
By Akshay Kedari

Swiss multinational pharmaceutical firm, Novartis has recently announced results from its Phase III ORION-10 and -11 studies that focus on assessing the individual responses of patients on lowering low-density lipoprotein cholesterol (LDL-C) with inc...

Medtronic to acquire Companion Medical to expand diabetes business
Medtronic to acquire Companion Medical to expand diabetes business
By Akshay Kedari

Medtronic plc, the global leader in medical technologies, has reportedly announced that it is planning to acquire insulin pen manufacturer Companion Medical. The acquisition gives Medtronic access to Companion Medical’s ‘InPen’, wh...