OpenGate Capital Acquires Power Partners

Los Angeles-based private equity investor OpenGate Capital announced this morning that it has acquired Power Partners, a US-based manufacturer of power transformers. Financial details of the acquisition were not announced. Power Partners was previously owned by manufacturing company PPI. OpenGate Capital said that Power Partners is based in Athens, Georgia, and has more than 475 employees and $140M in annual revenues. OpenGate Capital said the acquisition comes as a follow on to a prior investment it made in the transformer industry, Pacific Crest Transformers, which it acquired in 2006; OpenGate will be merging the two companies as part of the acquisition.