Alantra acts as exclusive financial advisor to Turbine Services on its sale to EthosEnergy

Jun 2025

Sell-side advisory

New York – Alantra has acted as exclusive financial advisor to Turbine Services Ltd. (TSL), a global, specialized manufacturer and supplier of aftermarket parts for heavy-duty gas and steam turbines, on its sale to EthosEnergy, a global independent service provider for rotating equipment for customers in the power generation, energy, industrial, and aerospace and defense markets.

Founded in 1972 and headquartered in Saratoga Springs, NY, TSL has over 50 years of experience and has supplied parts to more than 1,000 customers around the world. Known for their engineering, product quality, and competitive pricing, TSL has established itself as a leading non-OEM manufacturer for turbine parts.

Vincent Riggi, owner and CEO of TSL, said: “I hired Alantra for their extensive industry and transaction expertise, as well as their strong relationships with buyers, because it was very important to me to find a partner who could support TSL and its employees in the years ahead.”

Wade Aust, Managing Partner at Alantra, added: “We’re pleased to have supported Turbine Services in finding the right partner in EthosEnergy, a company we share a long-standing relationship with, and are confident that TSL is well-positioned for success in its next stage of growth under EthosEnergy’s ownership.”

David Waldstein, Managing Director at Alantra, said: “Over the course of our long-term relationship with TSL, we have come to find the company to be a truly unique provider of aftermarket turbine parts around the world.  EthosEnergy appreciates TSL’s value in the marketplace and will be a great steward for the business and the team.”

Jon Tetirick, Director at Alantra, added: “This transaction underscores Alantra’s continued momentum in the rotating equipment and power generation sub-sector of our industrials team. We are seeing increased market demand and M&A activity within this sub-sector, making this a timely deal that further strengthens our track record and expertise in the space.”

This transaction follows Alantra’s recent advisory roles to John Wood PLC and Siemens Energy AG on the sale of EthosEnergy to One Equity Partners and underscores the firm’s deep knowledge of the rotating equipment and power generation sectors, as well as strong relationships with its key players. Alantra’s track record also includes advising Industrial Service Solutions on the sale of its Inspection Services division to Element Materials Technology, and Tuckerman Capital on the sale of TRS Services to Battle Investment Group.