FEBRUARY 2007: DISPATCHES
MEDFORD
OpenGate Capital, a private buyout firm in Los Angeles,
purchased AREVA’s
Transmission and Distribution division for $14 million
in December. The division, renamed Pacific Crest Transformers,
manufactures medium-voltage electrical power transformers for
industrial use. According to OpenGate founder and managing
partner Andrew Nikou, OpenGate will act as an air cushion for
the Medford-based Pacific Crest management team, assisting them
in doubling the company’s annual revenue in the next two
years. “We will pursue a buy and build strategy in order
to elevate PCT’s presence in this newly acquired
marketplace,” he says. Pacific Crest employs 120
workers.
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