P10 INDUSTRIES INC COM USD0.001 (OTCMKTS:PIOE) has been riding a nice wave since Friday after it announced an acquisition on Thursday last week. PIOE is slumping slightly in trading this week, but the price is still up about 80% since the news. PIOE announced a deal for RCP Advisors complete with a few board moves as well.
“We are excited to announce the acquisition of RCP Advisors, further building on our commitment to create shareholder value over time”, said Mark A. Ascolese CEO of P10 Industries. “As P10 embarks on its next phase of growth, I am excited to hand over the CEO duties to Robert H. Alpert and C. Clark Webb.”
P10 INDUSTRIES INC COM USD0.001 (OTCMKTS:PIOE) is a company led by proven, experienced business leaders aimed at monetizing intellectual property assets and acquiring profitable businesses to generate profit and positive cash flows, ultimately creating long-term shareholder value. P10’s current business commenced on November 19, 2016, following completion of an asset acquisition of its Active Power assets by Piller Power Systems, Inc., a subsidiary of Langley Holdings PLC. Active Power changed its name to P10 Industries pursuant to the terms of the acquisition agreement.
Previously, it was engaged in the design, manufacture, sale, and service of flywheel-based uninterruptible power supply products and modular infrastructure solutions.
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RCP Advisors is a leading sponsor of private equity funds-offunds, secondary funds, and co-investment funds. Additionally, the Firm provides advisory and research services. Since its founding nearly two decades ago, RCP Advisors has raised approximately $6 billion of committed capital and maintains one of the largest internal teams dedicated to North American lower middle market buyouts.
RCP Advisors received 44,171,233 newly issued shares of P10 (representing approximately 49% of P10 outstanding shares), alongside cash and seller notes.
Alongside the acquisition, Board Members Mark A. Ascolese and Daryl Dulaney are stepping down, replaced by Co-Founders and Managing Partners of RCP Advisors, William “Fritz” Souder and Jeff Gehl. “We cannot thank Mark and Daryl enough for their leadership, vision, and commitment to creating long-term shareholder value,” said Co-CEOs Robert H. Alpert and C. Clark Webb. “Mark and Daryl have been integral to this process, and we wish them continued success in their future endeavors.
The deal between the two will close in January 2018.
P10 INDUSTRIES INC COM USD0.001 (OTCMKTS:PIOE) has a market cap of $17.22M and 23.42M shares out. The company has “leveled up” after this deal and we are going to be watching to see if they can hold their gains. We will also be watching to see if the company offers more insight into how the deal will take shape and what it will mean from an operational perspective. Sign-up for continuing coverage on shares of $PIOE stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $PIOE, either long or short, and we have not been compensated for this article.