Exponent has announced it is investing in Irish based gas turbine specialist OFS.
The European private equity firm said it will partner with the company which provides support to data centres worldwide to accelerate growth, and to invest in people and services.
The financial terms of the agreement have not been disclosed, although the investment value is understood to be above €70m.
OFS, which is headquartered in Naas, Co. Kildare, with offices in Houston, Texas, said it plans to double its workforce from 200 people in the coming years.
Its specialist teams work in more than 40 countries for customers including Mitsubishi Power, Solar Turbines, Siemens, GE Power and Vantage.
Exponent is backing the incumbent management team, led by founders Eric Kavanagh and Joseph Dunne.
Gas turbines are essential for a broad range of mission-critical applications, including supporting the electric grid, and are increasingly becoming the preferred “behind the meter” power solution for data centres, with adoption driven by grid constraints, connection delays and the need for reliable power supply as demand for capacity continues to rise.
David McGovern, Partner at Exponent, said: “OFS is another great example of the fact that Ireland continues to produce world-class businesses in this broad sector with the expertise and ambition to succeed internationally.
“The company has built an impressive global reputation from its base in Kildare, underpinned by the vision and leadership of Eric, Joe and the wider management team.
“We are committed to investing in Irish businesses of this calibre and promise, and we are delighted to partner with OFS as it continues to grow globally.”
Eric Kavanagh and Joseph Dunne, the co-founders of OFS, remarked that as demand for reliable power infrastructure continues to grow, they believe the business is entering an exciting new phase of development.
“Eponent’s experience supporting founder-led businesses and their track record in helping scale companies internationally, particularly in the data centre market, make them the right partner for OFS as we continue to invest in our people, capabilities and customer relationships.”
