AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

OpenGate Capital Recognizes Power Partners, Inc.’s Hurricane Dorian Relief Efforts

October 7, 2019 GMT

LOS ANGELES & ATHENS, Ga.--(BUSINESS WIRE)--Oct 7, 2019--

OpenGate Capital, a global private equity firm, recognizes its portfolio company, Power Partners, Inc. (“PPI”), for its support of and contribution to the recovery efforts following the impact of Hurricane Dorian in Florida and The Bahamas. PPI commenced a continuous, 24-hour production schedule to answer the critical demand for replacement power transformers from its utility-related customers and began shipping products within 48 hours after receiving the orders.

During periods of extreme weather and natural disasters, PPI has demonstrated a proven capability of meeting the extraordinary demands for replacement distribution transformers. From hurricanes to wild fires, tornados and extreme hot and cold weather events, PPI recognizes that following these events, its products are vital to the restoration of communities and commerce. As with Hurricanes Florence, Michael and Irma, PPI was called upon to produce pole mounted, power transformers following the catastrophic damages caused by Hurricane Dorian. PPI’s liquid distribution transformers were needed for rebuilding power lines for its customers in Florida, The Bahamas and the Virgin Islands, including major utilities and key distributors. PPI’s employees engaged in the recovery efforts from their Athens, Georgia production facility, committing to a 24/7 operations cycle. Once the full response production is complete, PPI will have shipped more than 4,200 units in a 30-day period to its customers.

In addition to responding to their customers’ critical needs, PPI also made financial contributions to The American Red Cross’s Disaster Relief for The Bahamas and Disaster Relief for Florida funds.

Justin Smith, President and Chief Operating Officer of Power Partners, stated, “The response to Hurricane Dorian is very representative of what PPI does in the wake of every severe weather event, in terms of customer service levels that aid rebuilding efforts. I am incredibly proud of the team for working so hard to support the recovery efforts and hope that we were able to bring some relief to those that were impacted.”

Andrew Nikou, OpenGate Capital’s CEO and Founder, commented, “We commend PPI for stepping up and meeting the product demands in these recovery efforts. On behalf of the team at OpenGate, we applaud Justin and his team for going into overdrive to ensure its customers and the people impacted by the hurricane could begin restoring their communities.”

OpenGate Capital acquired Power Partners in January of 2016 in a proprietary transaction that was sourced through the firm’s global origination efforts.

About OpenGate Capital

OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses to create new value through operational improvements, innovation and growth. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California with a European office in Paris, France. OpenGate’s professionals possess the critical skills needed to acquire, transition, operate, build and scale successful businesses. To date, OpenGate Capital, through its legacy and fund investments, has executed more than 30 acquisitions including corporate carve-outs, management buy-outs, special situations and transactions with private sellers across North America and Europe. To learn more about OpenGate, please visit www.opengatecapital.com.

About Power Partners

Power Partners, Inc. is a leading manufacturer of overhead & single-phase pad distribution transformers, serving utility, industrial and commercial customers in North America, Central America, the Caribbean and other markets. More than 9 million transformers have been produced at the company’s manufacturing facility in Athens, GA, over its 60-year history. Power Partners offers the shortest manufacturing cycles in the industry and has a stellar track record of responding to storms with great speed. The company is ISO 9001:2015 & 14001:2015 certified. For more information, please visit www.powerpartners-usa.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191007005153/en/

CONTACT: OpenGate Media Contacts

Alanna Chaffin

Email:achaffin@opengatecapital.com

Telephone: +1 (310) 432-7000Mike Sitrick, Sitrick & Company

Email:Mike_Sitrick@sitrick.com

Telephone: +1 (310) 788-2850OpenGate Business Development Contact

Joshua Adams

Email:jadams@opengatecapital.com

Telephone: +1 (310) 432-7000Power Partners Contact

Scott Childs

Email:scott.childs@powerpartners-usa.com

Telephone: +1 (706) 548-3121 Ext 400

KEYWORD: UNITED STATES CARIBBEAN BAHAMAS CANADA NORTH AMERICA CALIFORNIA GEORGIA FLORIDA

INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY UTILITIES BUILDING SYSTEMS ENERGY OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: OpenGate Capital

Copyright Business Wire 2019.

PUB: 10/07/2019 08:00 AM/DISC: 10/07/2019 08:02 AM

http://www.businesswire.com/news/home/20191007005153/en