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Middle market private equity firm One Equity Partners LLC (OEP) said in a media release it has completed its acquisition of EthosEnergy, with the financial terms still undisclosed.
EthosEnergy is an independent service provider focusing on rotating equipment for customers in the power generation, energy, industrial, aerospace, and defense markets.
OEP said EthosEnergy was formed in 2014 as a joint venture between John Wood Group PLC and Siemens Energy AG, each of whom contributed their non-OEM rotating equipment business lines and intellectual property.
EthosEnergy offers aftermarket maintenance, repair, and overhaul (MRO) services, along with outsourced operations and maintenance to clients in power generation and industrial sectors that use industrial gas turbines and other complex machinery. The company consists of three divisions: Optimized Solutions, Operations and Maintenance, and Aerospace & Defense MRO.
“EthosEnergy is uniquely positioned to meet the growing maintenance needs of an aging turbine fleet”, said Ante Kusurin, Partner at One Equity Partners. “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”.
OEP said the gas power market is growing due to an expansion in emerging markets, the rising adoption of electric vehicles, the electrification of heating and industrial processes, increasing data center energy needs, and the expanding role of dispatchable gas power in stabilizing grids with growing intermittent renewable capacity.
“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”, Ana Amicarella, CEO of EthosEnergy, said. “OEP’s long-standing, deep industrial sector expertise will support EthosEnergy as we serve growing needs in a critical industry”.
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