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.”
About Pioneer Transformers
Pioneer Transformers is a leading engineer and manufacturer of a broad range of specialty liquid-filled and dry-type power transformers for niche applications in industrial, OEM and commercial and backup power markets. The Company has an operational history of over one-hundred years and services a diverse group of utility, commercial power, industrial manufacturing and engineering and procurement and construction customers. With a family of brands recognized across North America for innovation, customization, quality and reliability, Pioneer Transformers is the go-to provider for customers in need of specialty-configured power transformer products. For more information, please visit www.pioneertransformers.com. Pioneer Transformers is a portfolio company of Mill Point Capital.
About Mill Point Capital
Mill Point Capital is a middle-market private equity firm focused on control-oriented investments in the business services and industrial sectors. The firm works with executive partners to leverage its investment professionals’ experience while providing strategic and operational guidance to drive long-term value creation in its portfolio companies. Mill Point is based in New York, NY. For more information, please visit www.millpoint.com.