FRANKLIN, WI – November 22, 2019 – Pioneer Transformers L.P. (“Pioneer Transformers”), a portfolio company of Mill Point Capital, announced today that it has acquired Power Partners, LLC (“Power Partners” or the “Company”) from OpenGate Capital, a Los Angeles-based private equity firm. Power Partners is a leading designer and manufacturer of high-quality pole-mount and pad-mount power transformers.
Power Partners manufactures a range of high-quality custom, semi-custom and standard transformer products for investor-owned utility, public power, industrial and commercial OEMs and international customers. Products include single-phase and three-phase pole-mount transformers, large-format pole-mount transformers and single-phase pad-mount transformers. The Company is headquartered in Athens, GA, and has been a reliable partner to its customers since its founding in 1958.
Dustin Smith, Partner at Mill Point, commented, “The acquisition of Power Partners is highly complementary to Pioneer as it dramatically diversifies Pioneer’s customer base, adds a natural extension to Pioneer’s existing product suite and results in a primarily replacement-driven revenue base. We identified Power Partners as an attractive opportunity for Pioneer prior to making our initial investment, and we are thrilled that Power Partners and its leadership team are joining the Mill Point family of companies.”
“Justin Smith, President of Power Partners, and his team have done an exceptional job implementing LEAN processes and optimizing their operations to create a highly-efficient pole-mount and pad-mount transformer business,” noted Antony Besso, Executive Chairman of Pioneer and an Executive Partner of Mill Point. “By combining Power Partners with the existing Pioneer platform, we have created a leading pure-play transformer company in North America, enabling us to better serve all customers.”