Middle-market private equity firm One Equity Partners (OEP) has completed its acquisition of EthosEnergy, a global provider of rotating equipment for customers in the power generation, energy, industrial, and aerospace and defence 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 & maintenance to power generation and industrial customers operating industrial gas turbines (IGTs) and other related, complex equipment. EthosEnergy has three divisions: Optimised 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 in a press statement. “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.”
Financial terms of the private transaction have not been disclosed.
KPMG International provided financial advice, Davis Polk & Wardwell provided legal counsel, and Arnovia provided commercial advice.
