Thu, 02 Jan 2025 | DIVISION SALE
Scottish engineering group Wood has completed the sale of its stake in Aberdeen-based EthosEnergy to private equity firm One Equity Partners.
The deal for Aberdeen-based EthosEnergy is worth $138 million (£111 million) and was first announced by the London Stock Exchange listed John Wood Group in August 2024. It was officially completed on New Year’s Eve.
Wood Group owned 51 per cent of EthosEnergy, a joint venture set up in 2014 with German industrial giant Siemens.
Ethos, which was part of Wood's Investment Services business unit, makes turbines and other rotating equipment such as steam turbines, heavy gas turbines, generators, transformers and compressors. Its work covers a range of sectors such as industrial, oil & gas, aerospace and power generation.
Its clients and partners include Toshiba, Sacramento Municipal Utility and Repsol Resources.
It employs around 3,600 staff globally and operates in over 100 countries. It contributed $34 million of adjusted EBITDA to Wood’s results in 2023.
Ken Gilmartin, CEO of Wood, said: "We are pleased to complete the sale of EthosEnergy to One Equity Partners. This strategic divestment is part of our strategy to be selective and focused on our core business. We will continue to align our portfolio as part of our commitment to simplify Wood."
One Equity Partners is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. Since 2001, the firm has completed more than 400 transactions worldwide. It has offices in New York, Chicago, Frankfurt and Amsterdam.
At the time of the announcement in August, Ante Kusurin, partner at One Equity Partners said that EthosEnergy was ‘uniquely positioned to meet the growing maintenance needs of an aging turbine fleet’.
It was also benefiting from trends such as emerging market growth, adoption of electric vehicles, electrification of heat and other industrial functions, increasing data centre demand, and a growing share of ‘intermittent’ renewable capacity that relies on dispatchable gas power to stabilise the grid.
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