EthosEnergy, a portfolio company of One Equity Partners, has sold its New Mexico generator division to Allied Power Group

Farmington, New Mexico, Generator Division

Located in Farmington, New Mexico, EthosEnergy’s generator division is a leading provider of generator repair and maintenance services for the power generation industry. Operating out of a 46,000-square-foot facility, the division specializes in generator testing and inspection, rotor and stator rewinds and high-speed balancing. The division also manufactures and machines retaining rings and other generator components, supporting customers in maintaining mission-critical equipment and extending the lifecycle of power generation assets. The ISO-certified site features in-house engineering expertise and CNC machining, enabling turnkey solutions with industry-leading quality and turnaround times.

The Deal

Lincoln International advised One Equity Partners (OEP) on the sale of EthosEnergy’s generator division in Farmington, New Mexico, to Allied Power Group (AGP). Since its founding in 1978, the division has established itself as a leading independent provider of generator repair and maintenance services, more recently benefitting from long-term demand drivers from aging infrastructure, increasing electrification and the energy transition across the power generation sector.

Our Perspective

Andrew Moen, Matthew Buck and Sean Bennis, Lincoln International Managing Directors, commented, “EthosEnergy’s generator operations in Farmington, New Mexico, are differentiated and supported by a unique set of capabilities, including the largest balance bunker west of the Mississippi River. APG is a great home for the business and its employees and will be a tremendous partner going forward. We are thrilled to have had the opportunity to advise OEP on another transaction and look forward to the company’s continued growth in combination with APG.”

EthosEnergy

EthosEnergy delivers services and solutions globally for rotating equipment to make energy affordable, available and sustainable. Tailoring solutions for the power, oil and gas and industrial markets, the company enables customers to achieve more. For more information, please visit www.ethosenergy.com.

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 400 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.

Allied Power Group LLC

APG is a leading independent service provider for power generation equipment, supporting a broad range of gas and steam turbines. The company services GE gas turbines (Frames 5, 6, 7E/F and 9) and Siemens models (501D, D5A and F), as well as combined cycle and fossil steam turbines. APG provides comprehensive solutions including component repair, rotor services, field services and new and refurbished parts for industrial gas and steam turbine operators. For more information, please visit www.alliedpg.com.

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