Athens, GA—PPI, parent company of Power Partners, announced today that they have signed an agreement for the sale of Power Partners to OpenGate Capital, a global private equity firm. OpenGate Capital manages a portfolio of companies, including a distribution transformer company based in Oregon. The transaction is expected to close by January 15, 2016.

“Our mission nearly 13 years ago when we purchased Power Partners was to grow the company, retain existing jobs, and add new ones. That mission has not changed,” said Steve Hollis, PPI co-owner and chairman. “The 55-year old plant needs capital investment to take it to the next level, and OpenGate Capital has the skills and resources to make that happen.”

The decision to sell is the culmination of a year of defining strategy and conducting research to assure that PPI is doing the best thing for our customers, employees and the company. OpenGate Capital shares similar values cherished by PPI, including safety, quality, delivery, and community service.

“It’s clear to us that they have a growth strategy for Power Partners. They have done this successfully in our industry before, and they are excited about doing it with Power Partners,” said Luke Faulstick, PPI co-owner and CEO.

PPI is working closely with OpenGate Capital to help them develop relationships with employees, customers, suppliers, and the community.

“Our fondest hope is that very soon people will say what they said when we began to partner with Power Partners, which is ‘when PPI took over, the only thing that changed with the business performance was that the metrics got better.’ We truly want them to go to the next level,” said Hollis and Faulstick.

The other companies that are part of PPI, including Gap Partners, StampSource, ECO-MAX, Change Partners, and PPI Automation, will remain with PPI.