TPG Rise Climate – which is the dedicated climate investing strategy of TPG’s global impact investing platform – announced that it has acquired MIRATECH – which is a global market leader in aftermarket emissions and noise reduction technology for stationary industrial engines.
MIRATECH engineers and builds catalysts, filters, silencers, monitoring systems, and provides related services which address engine-exhaust pollutants and noise from mission-critical power generation, with a focus on stationary power and data centers. And MIRATECH’s aftermarket solutions also monitor and reduce emissions from engines that serve hard-to-decarbonize sectors including energy infrastructure, marine, and construction.
MIRATECH’s engineering capabilities and particular expertise in stationary power have enabled the company to scale and meet evolving demand at a time when power needs are increasing beyond the existing capabilities of the grid, and flexibility around power generation remains a top priority for many customers. And as the power generation market continues to evolve, the other markets MIRATECH serves (energy infrastructure, industrial, OEM, and marine) continue to thrive.
As part of the deal, Marc Mezvinsky, Partner at TPG and senior member of its climate investing team, will join MIRATECH’s Board of Directors along with TPG Rise Climate’s Roger Stone.
R.W. Baird served as financial advisor and The Garden Law Group and Locke Lord served as legal counsel to MIRATECH in relation to the transaction. Simpson Thacher & Bartlett and Paul, Weiss, Rifkind, Wharton & Garrison served as legal counsel to TPG.
KEY QUOTES:
“MIRATECH’s commitment to reducing emissions by providing cost-effective, technologically advanced solutions will prove critical in the years ahead, particularly as data center power usage continues to grow globally. This investment is a reflection of our thematic focus on negative emissions and derivative equipment & services companies that enable the energy transition. We look forward to leveraging the team’s best-in-class engineering and manufacturing capabilities to continue to grow the company into new products, sectors, and geographies.”
– Marc Mezvinsky, Partner at TPG and senior member of its climate investing team
“As energy demand related to AI and cloud migration increases, there is an opportunity to expand MIRATECH’s market leadership amongst data center emergency backup power providers. We are also seeing increasing emissions regulations and air quality standards around the world, including further caps on methane emissions, which our products are well-placed to address. With the capital and expertise from TPG Rise Climate, we look forward to capitalizing on the substantial growth and emissions reductions opportunities ahead.”
– MIRATECH CEO David Zenthoefer
