From bank-owned to 100% Pine Grove Holdings owned
Pine Grove Holdings purchased 51% of Alturdyne Power Systems in March 2013 with several other private investors from a California-based bank.
The company was bank-owned; meaning that the former ownership had defaulted on its loan obligation.
Alturdyne Power Systems designed and packaged back-up generators for various industrial applications. They rebuilt turbine engines for major OEMs and also provided regional generator maintenance services.
After struggling to grow the business within the partnership, in 2017 Pine Grove Holdings approached the remaining owners and acquired 100% of the stock. The turbine generator remanufacturing division was sold a year later allowing the Company to focus its limited resources on the special built back-up industrial generator business.
Alturdyne Power Systems continues to operate as a dealer partner for telecommunications and healthcare backup generation and leverages contract packagers to design and build the generator.