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Private equity firm One Equity Partners (OEP) has completed its acquisition of Ethos Energy Group Ltd., OEP said Jan. 2.
The deal, announced in August, adds EthosEnergy’s rotating equipment business, which supplies the power generation, energy, industrial and aerospace and defense markets. Siemens Energy AG and John Wood Group Plc started Ethos as a joint venture in 2014, with Wood owning 51% and Siemens 49%.
Financial terms of the deal weren’t initially disclosed. Wood said separately that it completed the sale for a final net cash consideration of $138 million, with $42 million of prior planned loan notes replaced by an additional cash consideration at completion.
OEP is a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. It said Ethos is well positioned to meet the growing maintenance needs of the gas power market, which is benefiting from trends including emerging market growth, adoption of electric vehicles, and increasing data center demand.
In March, OEP acquired TechnipFMC’s measurement solutions business, rebranding it as Guidant.
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KPMG International Ltd. provided financial advice, Davis Polk & Wardwell LLP provided legal counsel and Arnovia LP provided commercial advice.
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