First Reserve Acquires AP4 Group

Establishes Presence in Market for Mission-Critical Solutions for Industrial Gas Turbine Maintenance

STAMFORD, Conn. and HOUSTON and LAKELAND, Fla., Dec. 19, 2023 /PRNewswire/ -- First Reserve, a leading global private equity investment firm exclusively focused on investing across diversified energy, infrastructure, and general industrial end-markets, today announced it has acquired AP4 Group LLC ("AP4" or the "Company"), a global full-service provider of critical power plant and turbomachinery maintenance services. Financial terms of the transaction were not disclosed.

Founded in 1990, AP4 is a leading provider of critical aftermarket maintenance services, repair and parts solutions for industrial gas & steam turbines. Serving a diverse base of customers around the world, the company operates in a growing market for gas & steam turbine maintenance, providing a range of core offerings that include power plant field services, parts, accessories repairs and parts refurbishment with specific expertise in controls, electrical, excitation equipment, mechanical field services, commissioning and turnkey gas & steam turbine outage support. AP4 also maintains numerous – often exclusive – partnerships and alliances with OEMs around the world, allowing the company to serve as the leading stocking distributor of genuine, high-quality gas turbine replacement components and component repairs.

First Reserve intends to leverage its significant experience and demonstrated success investing in and driving scalable and sustainable growth in industrial equipment and services businesses. The firm will work closely with AP4 leadership to help execute on a range of organic and complementary acquisition opportunities to further enhance the company's growing platform and integrated service offering.

"Amid an increasingly complex market where gas-fired power generation capacity and the maintenance requirements for aging equipment are growing simultaneously, we believe asset owners will increasingly seek maintenance solutions that are flexible and cost-effective without compromising on adhering to the most rigorous standards of quality and service," said Will Brown, Managing Director at First Reserve. "At First Reserve, we are confident that AP4 is uniquely positioned to capitalize on this opportunity set and share the company's vision for providing end-to-end solutions that can make life simpler for customers around the world. We look forward to partnering with the entire AP4 team to create long-term value together."

"This is an exciting milestone and testament to the momentum of our business and the industry today," said Greg Young, Chief Executive Officer of AP4. "As we continue to thoughtfully grow our platform to enhance our global reach and fully integrated service offerings, First Reserve's deep network, partnership-oriented approach and industrial equipment and utility services track record in driving long-term growth make them the right partner for AP4's next chapter. We are grateful for Cloud Investment Partners' support over the past several years and for their strong belief in the management team's vision for the company."

About AP4 Group
AP4 Group is a leading provider of critical power plant & turbomachinery maintenance services to a global customer base - through its solution-centric operating divisions, AP4 provides 1) parts, replacement components and consumables, 2) automation, instrumentation, control system, excitation, electrical and mechanical field services, 3) component repair, and 4) custom-engineered plant solutions.

About First Reserve 
First Reserve is a private equity firm focused on investing across diversified energy, infrastructure, and related industrial end-markets. Founded in 1983, First Reserve has nearly 40 years of industry insight, and has cultivated a network of global relationships. First Reserve has raised more than $34 billion of aggregate capital since inception. Its investment and operational experience have been built from over 750 transactions, including platform investments and add-on acquisitions, on six continents. The firm's portfolio companies have operated globally in over 60 countries and span the entire energy and industrial spectrum. Please visit www.firstreserve.com for further information.

Contacts
Jonathan Keehner / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
212.355.4449
[email protected]

SOURCE First Reserve