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.
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