OpenGate Capital has acquired Athens, Georgia-based Power Partners Inc, a maker of power transformers. No financial terms were disclosed.
LOS ANGELES–(BUSINESS WIRE)–OpenGate Capital, a global private equity firm, announced today that it has acquired Power Partners, Inc., a US-based manufacturer of power transformers from the holders of the capital stock of PPI Inc., a manufacturing company with a portfolio of related holdings. Terms of the transaction were not disclosed.
Power Partners manufactures overhead, round tank, and submersible distribution transformers and adsorption chillers to customers in the US, Mexico and in the Caribbean. Founded in 1958, Power Partners has produced over 8.5 million transformers and is a highly regarded name in the transformer industry. Power Partners is headquartered in Athens, Georgia, generates more than $140 million in revenue, and has 475 employees.
Power Partners is the second investment in the transformer industry for OpenGate Capital following its acquisition of Pacific Crest Transformers in 2006. Pacific Crest Transformers specializes in the design, manufacture and distribution of pad-mounted, liquid filled transformers serving small-to-medium sized enterprises throughout the Pacific Northwest region of the United States. Jack Roberts, the CEO of Pacific Crest Transformers, will also serve as the CEO of Power Partners.
Andrew Nikou, CEO and Managing Director at OpenGate Capital, stated, “We are incredibly pleased to have acquired Power Partners today. This is a great business in an industry we know well and we’re excited to create new value in Power Partners. Pacific Crest Transformers was OpenGate’s very first acquisition in North America in 2006 and since owning that business, we have done exceedingly well with it, operationally and financially.”
Jack Roberts commented, “Power Partners is a terrific business with an incredible heritage. I am honored to have the responsibility to lead the business and look forward to bringing the tools and insights developed through my role at Pacific Crest Transformers to Power Partners to drive new value. While Power Partners and Pacific Crest Transformers are in the same industry, they specialize in very different types of products. It is my goal to leverage the great strengths of the Power Partners business to ensure its growth and continued success.”
About OpenGate Capital
OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses seeking revitalization through growth and operational improvements. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California and maintains offices in New York, Paris, France and São Paulo, Brazil. OpenGate’s professionals possess the critical skills needed to acquire, transition, operate and build successful businesses. To date, OpenGate Capital has executed more than 40 transactions ranging from corporate divestitures to turnaround acquisitions, industry consolidations and other special situation investments. The OpenGate portfolio of wholly owned businesses generates approximately $2 billion in revenue and includes businesses from a wide range of industries and geographic markets. For more information, please visit www.opengatecapital.com.