Private-equity firm Exponent has agreed to invest in Irish technical services provider OFS in a multimillion-euro deal.
The company did not confirm the value of the investment, but it is understood to be worth more than €70 million.
OFS provides technical services for the global power industry, specialising in gas turbines to meet international power generation demand.
The Kildare-headquartered company works in more than 40 countries for customers that include Mitsubishi Power, Solar Turbines, Siemens, GE Power and Vantage. Its engineers and technicians install, maintain and operate industrial and aeroderivative gas turbines and other generation assets and equipment.
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The investment deal must be approved by regulators, and is expected to complete in the final quarter of the year.
The incumbent management team, led by founders Eric Kavanagh and Joseph Dunne, are expected to remain in place.
“As demand for reliable power infrastructure continues to grow, we believe the business is entering an exciting new phase of development,” said OFS co-founders Kavanagh and Dunne. “In Exponent, we are delighted to have found a partner who shares our long-term perspective, understood the importance of our culture and recognised the opportunities ahead.”
The company plans to invest in its staff and services to boost growth as power generation and data centres fuel demand.
“Structural growth across the global power market, combined with the emergence of on-site power as a core requirement for data centres, is creating a step-change in demand for OFS’s services,” said Shane Farragher, partner at Exponent.
Exponent has been investing in Irish-based businesses since 2012, opening its Dublin office in 2023.
The latest deal comes only days after the private-equity firm announced it was investing €750 million in Limerick-headquartered H&MV, along with new partners Apollo, Pantheon and SQ Capital.
It has also invested in Dublin-based Ethos Engineering, which specialises in sustainable data-centre design services, and UK component supplier Optimas International.
