In a merger of power quality expertise with proven financial and operational experience, industry leader POWERVAR, Inc. announces that it has concluded an investment agreement with Pfingsten Partners, LLC. As part of the agreement, Pfingsten Partners will acquire a majority ownership of the new venture.
"We've recorded significant financial growth during our twenty years as the leader in the power quality industry," states George Lannert, POWERVAR's president and CEO. "We see even larger growth opportunities today. But these opportunities require larger financial and operational resources," Lannert continues. "In collaboration with Pfingsten Partners, we're now positioned to take advantage of these opportunities in a way that will take POWERVAR to new levels of industry leadership."
Jim Norton, Managing Director for Pfingsten Partners cites several reasons for their investment decision. "POWERVAR has a family of proven power quality solutions, and they have a commitment to strong customer support. In combination with high brand recognition, a strong management team and a blue chip customer base, POWERVAR is a very attractive opportunity. We'll help support their continued success through both organic growth and strategic acquisition," concludes Norton.
As part of the agreement, POWERVAR's management and sales teams in North America, the United Kingdom and Europe will remain unchanged. In addition POWERVAR's original employee-owners have retained a significant ownership position in the company. The company will continue to do business under the recognised POWERVAR name from its facilities in Waukegan, IL, the United Kingdom, and in Europe.
"In reality, our customers will see little difference in the day to day operation of the company they have come to know and trust," says Dennis Ver Mulm, POWERVAR's vice president of marketing. "We do expect some noticeable differences over time as a result of Pfingsten Partner's commitment to growth and continuous improvement in the areas of customer satisfaction, employee satisfaction, cost management and financial management. That focus will have positive long term consequences for our
customers," he concludes.