Chicago, IL (March 13, 2017) – Pine Grove Holdings, LLC completed the acquisition of Alturdyne Power Systems, LLC by purchasing the remainder of shares from its investment partners. Pine Grove intends to reposition the Alturdyne Power Systems by properly capitalizing and leveraging the minority woman-owned status. “I am deeply excited that our firm was able to complete the full acquisition of Alturdyne Power Systems as it will position the company for years of growth as a forerunner in the industry,” Connors advised in a statement upon the completion of the acquisition. Terms of the transaction were not disclosed.
Alturdyne Power Systems is a leading provider of custom-engineered back-up power equipment and maintenance support provider for various commercial and military end markets. It has over 40 years of experience in customized gas turbine and reciprocating engine power systems.
Pine Grove Holdings, founded by Nelda J. Connors in 2011, invests in small to middle market industrial companies. Pine Grove focuses on companies with highly-engineered products in power generation, construction equipment, infrastructure, advanced materials and aftermarket automotive end markets.