changing hands
Houston energy equipment service provider acquired by New York PE firm
Houston-based energy equipment service provider EthosEnergy has been acquired by a New York private equity firm.
One Equity Partners announced the acquisition of EthosEnergy, which focuses on rotating equipment services for power generation, energy, industrial, and aerospace and defense industry. The terms of the deal were not disclosed.
Formed in 2014 as a joint venture between John Wood Group and Siemens Energy AG, EthosEnergy, which has 3,600 employees across 23 global sites, provides aftermarket maintenance, repair, and overhaul, or MRO, services as well as outsourced operations and maintenance for power generation and industrial customers operating industrial gas turbines and other similar equipment.
“As we seek to enhance and grow our operations, we are pleased to have OEP backing us as a partner,” EthosEnergy CEO Ana Amicarella says in a news release. “OEP’s longstanding and deep industrial sector expertise will support EthosEnergy as we serve growing needs in a critical industry.”
A middle market PE firm, OEP focuses on the industrial, healthcare, and technology sectors in North America and Europe. The firm was founded in 2001 and spun out of JP Morgan in 2015. It has offices in New York, Chicago, Frankfurt, and Amsterdam.
“EthosEnergy is uniquely positioned to meet the growing maintenance needs of an aging turbine fleet," Ante Kusurin, partner at One Equity Partners, adds. "As energy demand rises, these turbines are being pushed beyond their initial design parameters, creating significant opportunities for EthosEnergy’s flexible, cost-effective services.”
Last year, Amicarella joined EnergyCapital for an interview where she discussed the company's commitment to the energy transition.
"Our focus on sustainability is the right thing to do for our employees, for our customers, and for our communities," she said in the interview.
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