One Equity Partners Completes Acquisition of EthosEnergy
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One Equity Partners (OEP) has completed an investment in 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 and Siemens Energy, 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 and maintenance to power generation and industrial customers operating industrial gas turbines (IGTs) and other related, complex equipment. EthosEnergy has three divisions: optimized solutions, operations and maintenance (O&M), and aerospace and 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.
“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,” added Kusurin.
The gas power market is benefiting 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 believe One Equity Partners is the right partner for us as we enter our next phase of growth,” said Ana Amicarella, CEO of EthosEnergy.
“OEP’s longstanding, deep industrial sector expertise will support EthosEnergy as we serve growing needs in a critical industry,” added Amicarella.
Financial terms of the private transaction were not disclosed.
One Equity Partners 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. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 400 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam.
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