One Equity Partner to Acquire EthosEnergy
One Equity Partners (“OEP”), a prominent middle-market private equity firm, has announced its agreement to acquire EthosEnergy, a global independent service provider specializing in rotating equipment for the power generation, energy, industrial, aerospace, and defense sectors.
“OEP’s extensive and deep-rooted expertise in the industrial sector will bolster EthosEnergy as we address the increasing demands within this vital industry,” stated Ante Kusurin, Partner at One Equity Partners.
Background on EthosEnergy
Established in 2014 as a joint venture between John Wood Group PLC [LON: WG] and Siemens Energy AG [ETR: ENR], EthosEnergy was formed by merging their non-OEM rotating equipment business lines and intellectual property. The company offers aftermarket maintenance, repair, and overhaul (“MRO”) services, along with outsourced operations and maintenance for power generation and industrial clients operating industrial gas turbines (“IGTs”) and other sophisticated equipment. EthosEnergy operates through three divisions: Optimized Solutions, Operations & Maintenance (O&M), and Aerospace & Defense MRO. With a workforce exceeding 3,600 employees, EthosEnergy maintains 23 global locations.
Strategic Insights
“EthosEnergy is exceptionally positioned to address the escalating maintenance requirements of an aging turbine fleet,” Kusurin added. “As energy demand continues to grow, these turbines are operating beyond their original design limits, presenting significant opportunities for EthosEnergy’s adaptable and cost-efficient services.”
The gas power sector is experiencing growth driven by various trends, including expansion in emerging markets, the rise of electric vehicles, the electrification of heating and other industrial processes, increased demand for data centers, and a larger proportion of intermittent renewable energy sources that depend on dispatchable gas power to maintain grid stability.
Leadership Perspective
Ana Amicarella, CEO of EthosEnergy, commented, “As we aim to expand and enhance our operations, we are delighted to have OEP as our partner. OEP’s extensive and profound industrial sector knowledge will aid EthosEnergy in meeting the growing needs of this critical industry.”
Transaction Details
The financial terms of the private transaction have not been disclosed. KPMG International Ltd. served as financial advisor, Davis Polk & Wardwell LLP provided legal counsel, and Arnovia LP offered commercial advice.
About One Equity Partners
One Equity Partners (“OEP”) is a middle-market private equity firm concentrating on the industrial, healthcare, and technology sectors across North America and Europe. The firm aims to create market-leading companies by identifying and executing transformative business combinations. With a distinguished investment process, a seasoned team, and a proven track record, OEP has generated long-term value for its partners through over 400 transactions worldwide since its inception in 2001. Originally spun out of JP Morgan in 2015, OEP maintains offices in New York, Chicago, Frankfurt, and Amsterdam. For more information, visit www.oneequity.com.
About EthosEnergy
EthosEnergy is dedicated to delivering global services and solutions for rotating equipment, ensuring that energy remains affordable, accessible, and sustainable. By customizing solutions for the power, oil & gas, industrial, and aerospace markets, EthosEnergy enables its customers to achieve greater efficiency and performance. To learn more, visit https://ethosenergy.com/.
