One Equity Partners Agrees to Sell Power Generation Business of UK’s BRUSH Group
2022年8月8日 - 9:30PM
ビジネスワイヤ(英語)
Significant Exit Event One Year into OEP’s
Investment
One Equity Partners ("OEP"), a middle market private equity
firm, today announced that it has entered into a definitive
agreement to sell the Power Generation business of BRUSH Group
(“BRUSH” or the “Company”) to energy technology company Baker
Hughes (NASDAQ: BKR).
Headquartered in Ashby de la Zouch, United Kingdom with roots
dating back to 1876, BRUSH helps engineer and support a
comprehensive range of power-related products and solutions
including generators, condensers, motors, transformers, switchgear
and control and monitoring systems. BRUSH’s Power Generation
business designs, assembles and services large scale generators
that provide primary and standby electrical power to customers
across the infrastructure, renewables, oil and gas and utilities
sectors.
“We are thrilled to help unlock meaningful value creation
through the transformational sale of BRUSH’s largest business
segment. OEP recognized BRUSH as a leader within the Power
Generation equipment and services sector when we acquired the
business last year. We look forward to continuing to support and
grow BRUSH’s remaining Power Distribution & Networks business
alongside its exceptional management team,” said Steve Lunau,
Managing Director at One Equity Partners.
The addition of the Power Generation business will enhance Baker
Hughes’ core turbomachinery portfolio with electromechanical
equipment. It further supports Baker Hughes’ strategic commitment
to lead in providing decarbonization solutions for the natural gas
industry and historically hard-to-abate sectors. The acquisition of
the Power Generation business will enable Baker Hughes to further
optimize its supply chain through the addition of extended and
proven manufacturing capabilities in electromechanics, as well as
broaden its customer reach.
“During our ownership period, we were able to execute our value
creation plan and support BRUSH in becoming a strong standalone
company. As a current customer of BRUSH’s Power Generation
business, Baker Hughes is a natural buyer for the business,” added
Ori Birnboim, Managing Director at One Equity Partners.
“We value the partnership from OEP, whose experience in
supporting and unlocking strategic value in industrial businesses
like ours has been, and will continue to be, instrumental as we
grow our independent Power Distribution & Networks company,”
said Chris Abbott, CEO of BRUSH Group.
The UK’s Net Zero initiative will create new challenges for
electrical distribution networks, and the BRUSH team will be
focused on its remaining Power Distribution & Networks
business, which we believe will be well-positioned to support a
“lower-cost zero-carbon future” of our electrical networks. BRUSH
will now also be able to accelerate its strategic business
development, which is based on environmental sustainability, social
responsibility and effective corporate governance; BRUSH’s
solutions are “sustainable and supported for life.”
“The new challenges for our electricity networks that we expect
to result from the UK’s Net Zero initiative will require our
industry to provide agile and adaptive solutions to future proof
the network. With the OEP’s team support, we continue to focus on
growth through strategic M&A as an independent Power
Distribution & Networks company,” added Nicolas Pitrat, CFO of
BRUSH Group.
The transaction is expected to close by the end of the year,
subject to customary closing considerations.
About One Equity Partners One Equity Partners (“OEP”) is
a middle market private equity firm focused on the industrial,
healthcare, and technology sectors in North America and Europe. The
firm seeks to build market-leading companies by identifying and
executing transformative business combinations. OEP is a trusted
partner with a differentiated investment process, a broad and
senior team, and an established track record generating long-term
value for its partners. Since 2001, the firm has completed more
than 300 transactions worldwide. OEP, founded in 2001, spun out of
JP Morgan in 2015. The firm has offices in New York, Chicago,
Frankfurt and Amsterdam. For more information, please visit
www.oneequity.com.
About BRUSH Group BRUSH has a long and rich history
serving power generation customers as an OEM of generation,
control, and distribution products. While primarily known for
supplying industry leading turbogenerators and power management
systems, BRUSH also designs and manufactures transformers and
switch gear of equally high quality. BRUSH serves the global power
generation and distribution markets with a strong foundation of
technical knowledge to support grassroots projects, capacity
expansions, and drop-in-replacements. For more information, please
visit www.brush.eu/
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version on businesswire.com: https://www.businesswire.com/news/home/20220808005204/en/
Media Thomas Zadvydas Stanton 1-646-502-3538
tzadvydas@stantonprm.com
Baker Hughes (NYSE:BKR)
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