EthosEnergy was formed in 2014 as a joint venture between John Wood Group PLC and Siemens Energy AG, each of which contributed their non-OEM rotating equipment business lines and intellectual property to the company. (Source: Shutterstock)
Private-equity firm One Equity Partners (OEP) 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.
Financial terms of the private transaction were not disclosed in an Aug. 28 press release announcing the deal.
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 and other related, complex equipment.
The gas power market is benefitting from several trends, including emerging market growth, adoption of electric vehicles, electrification of heat and other industrial functions.
Data center demand is increasing and there is a growing share of intermittent renewable capacity that relies on dispatchable gas power to stabilize the grid, One Equity said in the news release.
EthosEnergy was formed in 2014 as a joint venture between John Wood Group PLC and Siemens Energy AG, each of which contributed their non-OEM rotating equipment business lines and intellectual property to the company.
“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.”
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.
“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.”
KPMG International Ltd. provided financial advice, Davis Polk & Wardwell LLP provided legal counsel and Arnovia LP provided commercial advice.
Recommended Reading
Activist Elliott Poised to Win Two Board Seats at Phillips 66, Sources Say
2025-05-21 - Elliott is pressing Phillips 66 to sell some assets to become a pure-play refiner, improve performance at its refining business and improve corporate governance.
Crescent Energy Appoints Former Pioneer Exec Joey Hall as COO
2025-05-19 - Crescent Energy has chosen Joey Hall, who most recently served as executive vice president of operations at Pioneer Natural Resources and oversaw the Permian Basin and Eagle Ford Shale, as its new COO.
Keyera Announces Two New Directors Following Retirements
2025-05-18 - Keyera Corp. announced the election of two new directors to its board following the retirement of Michael Norris and Douglas Haughey.
Dividends Declared the Week of May 12
2025-05-18 - Here is a compilation of dividends declared during the week of May 12 from select upstream, midstream and service and supply companies including Hess Corp, Diversified Energy and South Bow.
White Oak Affiliate Funds $125MM Credit Facility for Energy Services Company
2025-05-15 - The $125 million fund is the latest in White Oak Commercial Finance’s deployment of flexible asset-based lending solutions within the energy and manufacturing sectors.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.