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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