JLL Partners has acquired PowerParts Group, a provider of mission-critical replacement parts and field services for gas- and steam-turbine power plants. Terms were not disclosed.
PowerParts Group supplies highly engineered aftermarket components used by utilities, maintenance and repair operators, and turbine original equipment manufacturers. The company focuses on tight-tolerance turbine parts that support safe, efficient turbine operations and help operators complete planned outages on schedule and on budget, a value proposition that tends to be especially important for fleets running older assets or operating under strict reliability requirements.
Formed in 2020, PowerParts Group was created to bring together a set of established precision component suppliers serving the power generation industry. The business operates through two wholly owned units, STAR Turbine and Thor Precision, both positioned as long tenured providers supporting critical power generation equipment. Under JLL ownership, PowerParts Group is expected to serve as the foundation of a new engineering-centered platform focused on power generation components, with plans to expand capacity and capabilities through organic investment as well as strategic acquisitions.
JLL framed the acquisition around rising electricity demand and the need for dependable suppliers to sustain the installed base of generation assets. The firm said the investment also aligns with its history of backing highly engineered component businesses that sell into critical end markets, where performance, quality control, and delivery reliability can matter as much as price.
Harris Williams served as financial advisor to JLL on the transaction, and Arnovia served as JLL’s commercial advisor.
JLL Partners is a New York-based private equity firm focused on the healthcare, industrials, and business services sectors. The firm said it has invested about $8 billion of equity capital across nine funds since its founding in 1988, completing 61 platform investments and more than 190 add-on acquisitions.
KEY QUOTES
“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.”
Jorge Cadena, President, PowerParts Group
“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.”
Kevin Hammond, Managing Partner, JLL Partners
