TowerBrook Capital Partners L.P., a New York and London-based international investment firm, announced a majority equity investment in LiftWerx Holdings, a Canada-based operations and maintenance services provider to the onshore wind industry.
Launched in 2016, LiftWerx is a founder- and management-owned independent service provider of turnkey, mission-critical operations and maintenance (O&M) services to the onshore wind industry in North America. The company specializes in the replacement of major components of wind turbines, like gearboxes, main bearings, and generators.
LiftWerx has also developed proprietary up-tower crane technology used for servicing turbines. This technology sits on top of the turbine itself, is safer and more economical to operate, and has significantly less negative impact on the environment compared to traditional ground-based cranes.
LiftWerx is the third investment for TowerBrook Delta, the firm’s dedicated impact strategy launched last year. In line with the firm’s longstanding TowerBrook Responsible Ownership principles, TowerBrook Delta invests in businesses designed to generate a specific and measurable social or environmental impact and directly contribute to advancing the UN Sustainable Development Goals while seeking to deliver market returns.
KEY QUOTES:
“We are thrilled to partner with the founders and leadership team of LiftWerx to support the company through its next phase of growth. Thanks to its innovative and proprietary uptower crane technology and industry-leading service teams, LiftWerx has become a dominant force among wind O&M independent service providers in less than a decade, working with a loyal and growing customer base that includes some of the largest blue-chip original equipment manufacturers and owner operators. LiftWerx provides a solution that is not only faster and cheaper than the existing alternatives but is also safer and more environmentally friendly, helping to drive the energy transition.”
– Alex Nisichenko, Managing Director of TowerBrook
“I am incredibly proud of what we have accomplished in the past eight years. We welcome the partnership with TowerBrook which will allow us to accelerate our growth, expand our crane fleet and teams, and enhance our service operations. As a first step in this new partnership, we have already placed an order to expand our crane fleet by 50%.”
– Glen Aitken, President and Founder of LiftWerx
“TowerBrook is an ideal partner to facilitate our continued expansion with its global reach, deep resources and operational expertise. We look forward to working closely with TowerBrook to realize our shared ambitions for LiftWerx.”
– Joshua Rauchwerger, Vice President and Founder of LiftWerx
