Middle market private equity firm One Equity Partners (OEP) announced that it completed an investment in EthosEnergy, a global independent service provider focusing on rotating equipment for customers in the power generation, energy, industrial, aerospace, and defense markets.
EthosEnergy was launched in 2014 as a JV between John Wood Group and Siemens Energy AG, each contributing their non-OEM rotating equipment business lines and intellectual property.
And EthosEnergy offers aftermarket maintenance, repair, and overhaul (MRO) and outsourced operations and maintenance to power generation and industrial customers operating industrial gas turbines (IGTs) and other related, complex equipment. And EthosEnergy has three divisions: Optimized Solutions, Operations & Maintenance (O&M), and Aerospace & Defense MRO. The company employs over 3,600 individuals across 23 global sites and facilities.
The gas power market benefits from several trends, such as emerging market growth, adoption of electric vehicles, electrification of heat and other industrial functions, increasing data center demand, and a growing share of ‘intermittent’ renewable capacity that relies on dispatchable gas power to stabilize the grid.
The financial terms of the private transaction were not disclosed. KPMG provided financial advice, Davis Polk & Wardwell provided legal counsel, and Arnovia LP provided commercial advice.
KEY QUOTES:
“EthosEnergy is uniquely positioned to meet the growing maintenance needs of an aging turbine fleet. We are excited to partner with a strong management team and talented employees to help accelerate the company’s growth in a market experiencing strong secular tailwinds.”
- Ante Kusurin, Partner at One Equity Partners
“As we seek to enhance and grow our operations, we believe One Equity Partners is the right partner for us as we enter our next phase of growth. OEP’s longstanding, deep industrial sector expertise will support EthosEnergy as we serve growing needs in a critical industry.”
- Ana Amicarella, CEO of EthosEnergy
