Exponent Private Equity takes majority stake in OFS

Exponent agreed on 18 August 2026 to acquire a majority stake in OFS from its co-founders Eric Kavanagh and Joseph Dunne, who stayed at the head of the business, at an enterprise value of [members only]. Completion remained subject to regulatory approvals and was expected in the fourth quarter of 2026. Built over twenty years from Naas, County Kildare, OFS installs, commissions, maintains and operates gas turbines and the generating equipment around them. Its engineers travel to power stations and industrial sites to carry out the work the turbine manufacturers would otherwise do themselves: commissioning a new unit, overhauling one in service, or running it on behalf of its owner. It works largely as a subcontractor to those manufacturers rather than in competition with them, which is why its relationships with them have lasted. Its customers include Mitsubishi Power, Solar Turbines, Siemens, GE Vernova and Vantage, served in more than 40 countries by over 150 engineers and technicians authorised by the manufacturers, with much of its revenue coming from framework agreements that recur year after year. That authorisation is what protects the business: a turbine under warranty can only be worked on by technicians the manufacturer has certified, and certification takes years to obtain across the range of machines in service. Demand has been rising on two fronts. Gas turbines remain central to grid stability as intermittent renewable capacity grows, and they have become the preferred solution for data centres generating their own power on site, where grid connections are constrained and waiting times long. Exponent invested to strengthen the company’s commercial capability, expand its workforce and widen its services. Clearwater advised the firm on both the M&A and the acquisition financing.