Waukegan, IL (October 5, 2006)–In a merger of power quality expertise with proven financial and operational experience, ETA Systems announces that its parent company, POWERVAR, Inc., 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. ETA offers an extensive line of rack mounted and standalone power protection, power management, and uninterruptible power products designed to protect digital electronic equipment used in audio and video applications.
“We’ve recorded significant financial growth during our twenty years as the leader in the power quality industry,” stated George Lannert, POWERVAR’s president and CEO. “We see even larger growth opportunities today. But these opportunities require larger financial and operational resources,” Lannert continued. “In collaboration with Pfingsten Partners, we’re now positioned to take advantage of these opportunities in a way that will take POWERVAR and ETA Systems 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 other strategic acquisitions like ETA Systems,” concluded Norton.
As part of the agreement, management and sales teams 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 recognized POWERVAR and ETA Systems trade names from facilities in Waukegan, IL.
“In reality, our customers will see little difference in the day to day operation of the company they have come to know and trust,” said Dennis Ver Mulm, ETA Systems’ 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 concluded.
POWERVAR acquired ETA Systems in July of 2005 and has been establishing the company’s identity as a supplier of premium power conditioning solutions for the audio and video industries. More information is available at www.powervar.com