One Equity Partners (“OEP”), a middle market private equity firm, announced that it has agreed to acquire EthosEnergy, a global independent service provider focusing on rotating equipment for customers in the power generation, energy, industrial, and aerospace and defense markets.
EthosEnergy was formed in 2014 as a joint venture between John Wood Group PLC and Siemens Energy AG [ETR: ENR], each of whom contributed their non-OEM rotating equipment business lines and intellectual property. EthosEnergy provides aftermarket maintenance, repair, and overhaul (“MRO”) as well as outsourced operations & maintenance to power generation and industrial customers operating industrial gas turbines (“IGTs”) and other related, complex equipment. EthosEnergy has three divisions: Optimized Solutions, Operations & Maintenance (O&M), and Aerospace & Defense MRO. The company employs more than 3,600 individuals across 23 global sites and facilities.
“EthosEnergy is uniquely positioned to meet the growing maintenance needs of an aging turbine fleet,” said Ante Kusurin, Partner at One Equity Partners. “As energy demand rises, these turbines are being pushed beyond their initial design parameters, creating significant opportunities for EthosEnergy’s flexible, cost-effective services.”
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The gas power market is benefitting from several trends, including 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.
“As we seek to enhance and grow our operations, we are pleased to have OEP backing us as a partner,” said Ana Amicarella, CEO of EthosEnergy. “OEP’s longstanding and deep industrial sector expertise will support EthosEnergy as we serve growing needs in a critical industry.”
One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations.
EthosEnergy turns on potential to deliver services and solutions globally for rotating equipment to make energy affordable, available, and sustainable. Tailoring solutions for the power, oil & gas, industrial and aerospace markets, so customers can achieve more.
SOURCE: Businesswire