Power-One, Investment Group Form Alliance

Power-One Inc., a fast-growing producer of electronic power conversion equipment, has formed a financial alliance with an investment group in Little Rock, Ark., that will help fund the acquisition of companies and new technologies by Power-One.

The privately held Camarillo concern said its possible acquisitions include one in Europe that would expand its overseas customer base.

Power-One’s new partner, Stephens Group Inc., has more than $2 billion in assets and has a long history of financial links with growth companies. The amount Stephens is investing in Power-One was not disclosed.

Power-One’s president and chief executive, Steven J. Goldman, said Stephens has already committed an undisclosed amount for the immediate purchase of a power-conversion technology that will augment Power-One’s business in such fields as telecommunications and data transmission.

Power-One is a leader in producing units that convert alternating current, or AC, power into direct current, or DC. Such units are used extensively in industrial and other applications.

The company has more than 1,500 employees worldwide, most of them in production plants in Mexico and the Caribbean.

The company says its sales this year are growing at a rate of better than 30% over last year. Revenues for the current year are expected to exceed $90 million.

Goldman said that along with the acquisitions to be funded through its new partnership, Power-One will expand its manufacturing plants using cash already on hand.

He said Stephens was chosen as a financial partner “because it is very compatible with Power-One’s management style and is well known for its long-term vision.”