One Equity Partners Acquires EthosEnergy

One Equity Partners (OEP) recently agreed to acquire EthosEnergy for an undisclosed price—the company is a rotating equipment service provider focused on the power generation, energy, industrial, and aerospace and defense markets. EthosEnergy was established in 2014 as a joint venture between John Wood Group and Siemens Energy AG, each contributing their non-OEM rotating equipment business lines and intellectual property.

“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.”

It provides aftermarket maintenance, repair, and overhaul (MRO), in addition to outsourced operations and maintenance for power generation and industrial customers operating industrial gas turbines and related complex equipment. EthosEnergy employs more than 3,600 people across 23 global sites and facilities and three divisions: optimized solutions, operations and maintenance (O&M), and aerospace and defense MRO.

O&M Performance Center in Houston; Image Credits: EthosEnergy

“EthosEnergy is 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 News

In April 2024, EthosEnergy received a multi-million-dollar contract to perform intermediary O&M services for the custody, care, and control of six power plants in Mexico. The six plants involved in the contract, in northern Mexico, add 3.9 GW of capacity to EthosEnergy’s O&M portfolio. The company will work with the power plant owner to transition the assets into its portfolio. Its scalable O&M solutions use proven processes and strategies to provide a complete overview of a plant’s assets and implement safe, compliant, and profitable operations.

In March, the company opened its O&M performance center in Houston, TX, allowing EthosEnergy to 100% manage operational control of power generation assets if the company so chooses. The O&M center provides continuous real-time start-stop capabilities, asset monitoring and diagnostics, and engineering support to assist a power plant’s long- and short-term energy operations.

The center’s operators control start-stop operations with an encrypted, cyber-secure VPN designed to comply with NERC CIP Medium protocols. In addition, operators can leverage artificial intelligence and machine learning to detect early warnings of reliability and performance issues. Early detection can minimize forced outages and unplanned maintenance.

And, in February, EthosEnergy and Harbour Energy entered a master service agreement (MSA) for a five-year term. The MSA, with an option for extension, sets EthosEnergy as the primary service provider for the maintenance and support of Harbour Energy’s fleet of light industrial gas turbines. These gas turbines are spread across three production assets in the U.K.’s North Sea region.