Alantra advises Power Plant Services on sale to Center Rock Capital Partners
SECTORIndustrials; Aerospace & Defense
Boston – Alantra, a leading global investment bank and asset management firm, is pleased to announce the sale of Power Plant Services (“PPS”) to Center Rock Capital Partners, a US private equity firm focused on building leading industrial companies. The deal closed on June 25, 2021, and the transaction value was not disclosed.
This transaction adds to Alantra’s experience in the production of both OEM and aftermarket parts used in industrial and aerospace turbines, pumps, valves, and generators. It also strengthens Alantra’s experience in industrial services and the MRO of industrial turbines, generators, pumps, valves, and other industrial rotating equipment. Industrial rotating equipment is an area where Alantra has seen strong activity, closing two transactions in this space in a little over six months. The Alantra team advising Power Plant Services included Wade Aust, David Waldstein, Damien Perera and Jackson Rimpas.
Headquartered in Melrose Park, Illinois, Power Plant Services is a premier, independent provider of component design, reverse engineering, and manufacturing as well as full-service turnkey MRO services for industrial and utility customers worldwide. PPS’ core product and service offerings include component manufacturing, shop and onsite repairs, open-clean-inspect-close, field machining, and engineering services for turbines with outputs up to 1,400 MW as well as pumps, valves, generators, and boilers. Power Plant Services will serve as the foundation of Center Rock’s strategy to build a comprehensive solutions provider for all hydraulic, electric, and mechanical power system needs. Power Plant Services’ unique offering is critically important to utilities and independent power producers as well as owners of industrial plants with power generation equipment.
The company’s reputation for producing quality parts and services in a timely manner has resulted in its ability to broaden its global direct aftermarket and OEM customer base and maintain its industry-leading customer retention rate, particularly in its parts manufacturing and unscheduled services businesses. During a scheduled maintenance service, it is not uncommon for technicians to find several unexpected issues which often require new parts and services. Power Plant Services’ unique ability to address such unscheduled issues in a timely manner enables it to win high-margin business and bundle its service and parts offerings to a variety of turbine operators while strengthening its relationships with customers who are unable to receive comparable response times from any other global supplier.
“Our customers choose PPS because of our full turnkey plant offering, one-stop-shop capabilities, quick turnaround times, and rapid field response,” said Manny Gandhi, Founder and CEO of PPS, in a company statement. “Delivering differentiated services and industry-leading reverse engineering resources is core to our business and will continue to be our top priority. I am excited to have found such a great partner in Center Rock as we pursue our next phase of growth so we can better serve our loyal and expanding customer base.”
May 2022Euronext Growth Advisor and Sole Global CoordinatorValue €10 millionMay 2022SECTOR IndustrialsService Equity Capital MarketsValue €10 million
Apr 2022Buy-side advisoryValue c£100mApr 2022SECTOR IndustrialsService M&AValue c£100m
Apr 2022Buy-side advisoryApr 2022SECTOR Aerospace & Defense; IndustrialsService M&A
Mar 2022Sell-side advisoryMar 2022SECTOR IndustrialsService M&A