One Equity Partners has agreed to sell BRUSH Group to Greenbelt Capital Partners

BRUSH Group

BRUSH Group Ltd. (BRUSH), founded in 1879, is a leading engineering solutions provider for UK electrical infrastructure projects. Through its innovative range of engineered products and engineering solutions, BRUSH supports both grid resilience and grid extension, enabling infrastructure upgrades, renewable energy integration and capacity expansion to meet increasing demand. Headquartered in Loughborough, UK, with operating facilities across the UK and Italy, BRUSH serves blue-chip customers across both the regulated and non-regulated markets.

The Deal

Lincoln International is pleased to announce that it has advised One Equity Partners (OEP) on the sale of its portfolio company, BRUSH, to Greenbelt Capital Management L.P. (Greenbelt Capital Partners). In partnership with OEP, BRUSH has positioned itself as the primary beneficiary of long-term growth driven by electrification and decarbonization. BRUSH invested in capacity expansion and enhanced its overall footprint and capabilities through seven accretive acquisitions. As a leading provider of power transformers, electrical switchgear and engineering solutions for the transition to net zero, the company will continue to build on the strong and sustained growth it has enjoyed in recent years, with reported annual revenue of roughly £150 million. OEP and BRUSH entrusted Lincoln given its experience in the energy, power and infrastructure market, global buyer relationships and cross-border process execution capabilities. The transaction is subject to customary conditions including receipt of required regulatory approval.

Nicolas Pitrat, CEO of BRUSH, commented, “We are very excited about our future with Greenbelt Capital Partners and would like to thank OEP for their constant support over the last 4 years and Lincoln for managing the process.”

Steve Lunau, Partner at One Equity Partners, added, “We thank Lincoln for being our trusted advisor to identify the right partner to support BRUSH’s next phase of growth.”

Our Perspective

Sean Bennis, Matthew Buck and Andrew Moen, Lincoln International Managing Directors who led the transaction, commented, “It was a privilege to partner with OEP and the BRUSH management team on this transaction. We look forward to following BRUSH’s continued growth in what is a pivotal moment for the business and the market.”

One Equity Partners

One Equity Partners (OEP) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 400 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.

Greenbelt Capital Partners

Greenbelt Capital Partners is a private equity firm with offices in Austin, TX, and New York, NY. The firm focuses on investing in leading middle market companies that are enabling the transition to a more resilient and electrified energy future. With $2.5 billion in assets under management, Greenbelt aims to partner with exceptional management teams to drive growth and build lasting value across its portfolio. The senior team at Greenbelt has committed approximately $6 billion of equity capital across multiple portfolio companies and consummated over $70 billion of M&A and financings in over 260 transactions. For more information, please visit www.greenbeltcapital.com.

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