One Equity Partners Completes Sale of BRUSH Group's Power Generation Business

NEW YORK--(BUSINESS WIRE)--Oct 11, 2022--One Equity Partners, a middle market private equity firm, today announced that it has completed the sale of the Power Generation business of BRUSH Group ('BRUSH') to energy technology company Baker Hughes (NASDAQ: BKR). The business designs, assembles and services large scale generators that provide primary and standby electrical power to customers across the infrastructure, renewables, oil and gas, and utilities sectors.

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'This sale is another example of OEP's value creation strategy, culminating through the strategic sale of BRUSH's largest business segment to bring returns for investors,' said Steven Lunau, Managing Director at One Equity Partners. 'We identified Baker Hughes as the optimal buyer in less than a year and moved quickly to complete the sale. OEP will now focus on growing BRUSH's remaining Power Distribution & Networks businesses in close partnership with BRUSH management.'

'BRUSH will focus on growing the remaining Power Distribution & Networks businesses with the goal of providing agile and adaptive engineering solutions and engineered products to future-proof the United Kingdom's critical infrastructure whilst enabling a sustainable lower-cost, zero-carbon footprint. Since signing the sale to Baker Hughes in August, BRUSH management has already closed on the strategic acquisitions of Eta Projects Ltd, which provides design and installation of power continuity and resiliency solutions; and KUS Power Engineering a sub-stations design and build contractor focused on high voltage solutions,' added Ori Birnboim, Managing Director at One Equity Partners. 'The two recent acquisitions will add to BRUSH's acquisition of Aprenda Ltd in 2021 and mark the company's continued growth through acquisitions.'

About One Equity Partners

One Equity Partners ('OEP') is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit https://www.oneequity.com.

About BRUSH Group

BRUSH has a long and rich history serving power generation customers as an OEM of generation, control, and distribution products. While primarily known for supplying industry leading turbogenerators and power management systems, BRUSH also designs and manufactures transformers and switch gear of equally high quality. BRUSH serves the global power generation and distribution markets with a strong foundation of technical knowledge to support grassroots projects, capacity expansions, and drop-in-replacements. For more information, please visit https://www.brush.eu/.