New York, Jan 27 — JLL Partners (“JLL” or the “Firm”), a New York-based middle market private equity firm focused on investing in the healthcare, industrials, and business services sectors, has acquired PowerParts Group (“PPG” or the “Company”), a provider of mission-critical replacement parts and field services for gas and steam power turbines.
PPG supplies highly engineered aftermarket components to utilities, MRO service providers, and turbine OEMs that are essential to the safe and efficient operation of power turbines. The Company has unique expertise in designing and manufacturing tight-tolerance turbine parts that help operators complete outages on-schedule and on-budget.
PPG was formed to bring together a family of best-in-class suppliers of precision components to the power generation industry. The Company operates through two subsidiary units, STAR Turbine and Thor Precision, both with long histories of supporting essential power generation assets.
Jorge Cadena, PPG’s President, commented: “PPG plays an integral role in supporting the critical maintenance needs of gas and steam turbines. We are excited to partner with JLL to continue building a platform of leading component manufacturers serving the power generation industry and enhancing the value we bring to our customers.”
Kevin Hammond, Managing Partner at JLL added: “In this period of unprecedented electricity demand, the industry needs trusted suppliers like PPG to sustain our nation’s fleet of critical power generation assets. We look forward to supporting the Company with capital to expand its capacity and capabilities through organic investment and strategic acquisitions.”
This investment builds on JLL’s longstanding experience sponsoring growth for highly engineered component suppliers into critical end-markets. PPG will serve as the base of a new engineering-centric power generation components platform with compelling organic and inorganic growth opportunities.
Harris Williams served as financial advisor and Arnovia served as commercial advisor to JLL on the transaction.