Following a thematic multi-year search in the North American transformer industry, OpenGate identified Power Partners as a prime acquisition candidate. Over the course of a two-year period, OpenGate engaged in proactive dialogue with the private owners of PPI, who had carved the business out of the industrial group ABB in 2003. OpenGate ultimately completed the acquisition in 2016 in a direct transaction and outside of a formal process.
Under OpenGate’s operational oversight, major improvements were made to all aspects of PPI’s operations including sourcing, product design, manufacturing, and sales and marketing efforts, all of which led to a threefold increase in the company’s EBITDA in nearly four years. Power Partners was ultimately sold to a strategic acquirer, Pioneer Transformers, through a competitive sale process.