One Equity Partners sells power generation business of BRUSH Group

Baker Hughes, the energy technology company, has agreed to buy the power generation business of BRUSH Group.

  • BRUSH Group designs, assembles and services large scale generators
  • Baker Hughes’ acquisition of BRUSH Group’s power generation business will allow it to optimise its supply chain and to broaden its customer reach
  • One Equity Partners bought Brush Group in June 2021

One Equity Partners announced on Monday that it has agreed to sell the power generation business of BRUSH Group to Houston-headquartered Baker Hughes. BRUSH Group, based in Ashby-de-la-Zouch in the UK, looks to support companies with their net zero ambitions via the design, assembly and services of large-scale generators, motors, power transformers, MV switchgear and power management systems.

One Equity Partners is a private equity firm headquartered in New York. It was founded in 2001 as the in-house private equity arm of Bank One, and in 2005 transitioned to JP Morgan in the same capacity. OEP spun out of JPMorgan in 2015. It invests across the healthcare, industrial, technology, and technological services sectors and looks for companies with a revenue of between $100 million to $800 million. OEP also looks for an EBITDA of $10 million to $70 million.

“We are thrilled to help unlock meaningful value creation through the transformational sale of BRUSH’s largest business segment,” said Steve Lunau, managing director at One Equity Partners. “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.”

“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,” said Nicolas Pitrat, CFO of BRUSH Group. “With the OEP’s team support, we continue to focus on growth through strategic M&A as an independent power distribution & networks company,”

Baker Hughes is an energy technology company that works with energy and industrial customers worldwide. The purchase of the power generation business of BRUSH Group will enable the company to build out its supply chain through the addition of extended manufacturing capabilities in electro-mechanics. It will also allow Baker Hughes to broaden its customer reach.