The management company of BRUSH Group, One Equity Partners (OEP), has announced an agreement to sell BRUSH’s Power Generation division to energy technology, industrial and oilfield services company, Baker Hughes.
The sale represents an exciting opportunity for our Power Generation division to continue its development and growth. Among the many benefits Baker Hughes anticipates gaining from the acquisition include the enhancement of their core turbomachinery portfolio, the expansion of their customer reach, and a provision of a growth platform for its facilities and employees.
Ori Birnboim, a Managing Director at OEP said: “As a current customer of BRUSH’s Power Generation business, Baker Hughes is a natural buyer for the business, as this acquisition will provide Baker Hughes with more security in its supply chain while also diversifying its end market exposure.”
Steve Lunau, another Managing Director at OEP, added: “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 and Networks business alongside our exceptional management team.”
By focusing on our Power Distribution and Networks business, we believe we will be well-positioned to meet the challenges the UK’s Net Zero initiative will pose on electrical distribution networks, and better support a lower-cost zero-carbon future for electrical networks. This new focus will also allow us at BRUSH to accelerate our strategic business development, which is based on environmental sustainability, social responsibility and effective corporate governance.
“We value the partnership with OEP,” said Chris Abbott, CEO of BRUSH Group. “Their 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 and Networks company.”
The transaction is due to complete by the end of the year and is subject to closing consideration. Until then, it is business as normal for everyone at BRUSH.