OFS Energy Fund News

June 17, 2019

OFS Energy Fund Sells Allied Power Group to AEA Investors

Houston – June 17, 2019 – OFS Energy Fund (“OFS”) has closed the sale of Allied Power Group, LLC (“APG” or the “Company”), a Fund III portfolio company, to an affiliate of AEA Investors LP (“AEA”), a New York-based private equity firm. David Theis (APG’s CEO), Austin David (APG’s CFO), and other key members of the APG management team will remain with the Company post-transaction. 

 
OFS invested in APG in October of 2015, providing growth capital to pursue new opportunities in the industrial gas turbine repair market with enhanced internal capabilities and expansion into other turbine classes. Under OFS’ ownership period, APG added key management team members in David Theis as COO and President, later assuming his present role as CEO, and Austin David as CFO. Strategically, during OFS’ ownership period, the Company added rotor repair capabilities, built a field service team, developed a new parts initiative, purchased the real estate of the Company’s corporate headquarters, and completed the acquisition of Eta Technologies to expand into the Siemens V-Series IGT repair market.
 
“We are extremely proud of what we were able to achieve with our APG investment over the past few years,” said Jerad McMayon, Partner of OFS. “Together with our management team, we were able to accomplish all of the goals we set for ourselves in our initial underwriting. The company that AEA purchased today is a platform primed for significant expansion in the coming years, and we wish them the best as they work to continue APG’s growth trajectory and execute their investment plan.”
 
“APG and our management team benefited greatly from our partnership with OFS, drawing on their experience growing businesses in the energy services sector,” said David Theis, APG’s CEO, “OFS supported the APG team through many major business decisions as we worked to execute our bundled services strategy. We were able to achieve game changing results for the investors, our employees and, most importantly, our clients. Our new ownership group, AEA Investors, is the perfect partner for APG to accomplish our long term client service and business goals.”
 
Robert W. Baird & Co. served as exclusive financial advisor and Locke Lord LLP acted as legal counsel to APG in the transaction. 
 
About OFS Energy Fund
Houston-based OFS Energy Fund is a private equity firm that specializes in acquiring and recapitalizing lower middle-market energy service companies. OFS seeks to provide capital to business owners in the form of buyouts, recapitalizations, and growth equity investments. The Fund supports the development of management, appropriate governance, professionalization of reporting, and tracking of operating metrics. OFS currently has in excess of $300.0 million of committed private equity capital under management across Fund II and Fund III. For more information please visit www.ofsfund.com.
 
About Allied Power Group, LLC
APG is a growing independent provider of critical components and services to its customers in the power generation, refining, pipeline, and general industrial sectors. APG’s fully-integrated suite of Industrial Gas Turbine products and services include engineered inspections and repairs, specialized coatings, precision manufacturing of replacement components, experienced field service professionals, multi-faceted rotor repair, and an expansive inventory of refurbished parts. The APG leadership team is comprised of power generation industry veterans with expertise in engineering and access to the latest technology which allow it to provide its customers with innovative and flexible solutions.
 

OFS Energy Fund
6363 Woodway Drive, Suite 900

Houston TX 77057
view map
Main Number: (713) 580-2727