Accelerating Growth: One Equity Partners Supports EthosEnergy Across Markets

One Equity Partners (OEP) completed its investment and acquisition of EthosEnergy in early 2025, with the initial transaction being announced in August 2024. OEP took on the company’s 3,600 employees across 23 global sites and facilities. The acquisition allows EthosEnergy to use OEP’s capital to expand its aftermarket businesses.

CEO Ana Amicarella said OEP’s wide-ranging experience will enhance EthosEnergy’s service offerings across all divisions, including its work in maintenance, turbine overhaul and repair, and aerospace and defense. The firm’s resources are expected to allow EthosEnergy to develop new technologies effectively to serve an ever-changing energy and customer landscape.

Welding at EthosEnergy repair shop; image credit: EthosEnergy

TURBO: How will One Equity Partners help to facilitate EthosEnergy’s diversified growth plan over the next 5 - 10 years?

Amicarella: We plan to work closely with OEP to help accelerate our growth, particularly through mergers and acquisitions (M&A). OEP’s strategic investment and support will position us to meet energy demand challenges and the energy transition. Our focus will continue to be on addressing the maintenance needs of an aging turbine fleet and capitalizing on emerging market trends related to rotating equipment.

TURBO: In power generation, aerospace, and defense, are there certain areas in operations & maintenance (O&M), maintenance, repair, and overhaul (MRO), and optimized solutions that EthosEnergy plans to enter or enhance?

Amicarella: Our three divisions, Optimization Solutions, O&M, and Aerospace and Defense (A&D), cater to distinct markets. Optimization Solutions focuses on maintaining and overhauling rotating equipment like turbines and generators. We've introduced rotor life-extension solutions for Frame 7F and will soon offer enhanced gas path parts. We also want complementary intellectual property to expand our service offerings further.

The O&M division has grown significantly in managing thermal and renewable power plants. We launched the Performance Center in Houston for real-time remote operations and diagnostics, which benefits power plant owners. In A&D, we've secured multi-year MRO contracts for the aviation, industrial, and military sectors. We focus on quick repairs and have increased our proprietary repair technology.

TURBO: How will One Equity Partners leverage its expertise to give EthosEnergy an advantage in industrial markets?

Amicarella: OEP’s investment is an opportunity for EthosEnergy to accelerate our strategic goals and enhance our position in the energy services sector. OEP brings deep expertise in industrial and energy markets and a track record of driving growth.

With OEP’s support, we see opportunities to expand our service offerings, improve operational efficiencies, and better serve our customers’ evolving needs. Its experience in cross-border transactions and M&A will be instrumental as we explore opportunities to grow our global footprint and strengthen our presence in key markets.

TURBO: Will this acquisition lend access to technological advancements, diverse equipment, or other upgrades related to MRO, remote monitoring/operations, etc.?

Amicarella: OEP sees the potential in EthosEnergy. Over the last decade, we’ve invested in and launched quite a few offerings to our customers across all of our divisions. Whether it is our ability to offer a Phoenix Rotor solution for rotor-life extension or our ECOMAX autotuning and combustion optimization platform, we are constantly looking for ways to provide value for our customers.

As we look to the future, we are evaluating various strategic investments, both from an organic and inorganic perspective, that further enhance our services and solution offerings to the market.

TURBO: What can EthosEnergy’s customers expect now that the investment is complete?

Amicarella: Our partnership with OEP provides us with additional resources and expertise to advance our capabilities and explore opportunities to serve our customers better. This alliance supports our efforts to enhance operational efficiency, invest in innovative technologies, and adapt to the changing energy landscape. While maintaining the high standards our customers expect, we aim to identify solutions that align with their evolving needs and priorities.