A middle-market private equity firm, One Equity Partners, has announced its agreement to acquire EthosEnergy, a global independent service provider specializing in rotating equipment for clients in the power generation, energy, industrial, and aerospace and defense sectors.
EthosEnergy was established in 2014 as a joint venture between John Wood Group PLC [LON: WG] and Siemens Energy AG [ETR: ENR], with both companies contributing their non-OEM rotating equipment business lines and intellectual property. The company offers aftermarket maintenance, repair, and overhaul (MRO) services, as well as outsourced operations and maintenance for power generation and industrial clients utilizing industrial gas turbines (IGTs) and other complex equipment. EthosEnergy operates through three divisions: Optimized Solutions, Operations & Maintenance (O&M), and Aerospace & Defense MRO. The company has a workforce of over 3,600 employees across 23 global sites and facilities.
“EthosEnergy is uniquely positioned to address the increasing maintenance demands of an aging turbine fleet,” stated Ante Kusurin, Partner at One Equity Partners. “With the rising demand for energy, these turbines are being pushed beyond their original design limits, creating significant opportunities for EthosEnergy’s flexible and cost-effective services.”
The gas power market is currently benefiting from several trends, including growth in emerging markets, the adoption of electric vehicles, the electrification of heating and other industrial processes, increasing demand from data centers, and the expansion of ‘intermittent’ renewable energy capacity that depends on dispatchable gas power to stabilize the grid.
“As we look to enhance and expand our operations, we are excited to have One Equity Partners as our partner,” said Ana Amicarella, CEO of EthosEnergy. “OEP’s extensive expertise in the industrial sector will support EthosEnergy in meeting the growing needs of this critical industry.”
The financial terms of the private transaction have not been disclosed.
KPMG International Ltd. provided financial advice, Davis Polk & Wardwell LLP offered legal counsel, and Arnovia LP provided commercial advice.
