Exponent backs Irish power services firm OFS growth

Exponent has agreed to invest in OFS, backing an Irish technical services provider focused on the global power industry.

Based in Naas, Co. Kildare, OFS is led by co-founders Eric Kavanagh and Joseph Dunne, who will remain in charge. Exponent plans to support growth by investing in the company's commercial operations, workforce and service range as demand rises from power generation, energy and data centre customers.

Founded in 2002, OFS provides specialist technical services for gas turbines and related generation assets. Its engineers and technicians install, commission, maintain and operate industrial and aeroderivative gas turbines, often working directly for original equipment manufacturers and other large industrial customers.

OFS says its teams work in more than 40 countries, serving customers including Mitsubishi Power, Solar Turbines, Siemens, GE Power and Vantage. According to company background information, it supports projects across more than 90 countries and employs more than 200 permanent staff, alongside a wider network of contractors and partners.

The investment reflects continued private equity interest in businesses linked to electricity infrastructure and on-site generation, particularly as data centre operators seek additional sources of reliable supply. Gas turbines are used in grid support and industrial settings, and are also being adopted as behind-the-meter power systems where grid constraints and connection delays affect new developments.

Exponent has been building its activity in Ireland for more than a decade and opened a Dublin office in 2023. The OFS transaction fits its focus on founder-led and mid-market companies in industrial and infrastructure-related sectors.

Recent deals in Ireland have included H&MV Engineering, which works on high-voltage electrical engineering projects for data centres, utilities, battery storage and renewables, and Ethos Engineering, a Dublin-based data centre design business. Exponent has also invested in Optimas International in the UK, a distributor serving industrial original equipment manufacturers.

Power market

OFS has built its business around servicing critical generation assets in sectors where downtime can be costly. Its work spans installation, commissioning, operations and maintenance, technical support, reliability engineering and asset lifecycle management across power generation, data centres, oil and gas, emergency power and industrial markets.

This positioning has helped it build relationships with major gas turbine manufacturers through a service model designed to work alongside original equipment makers rather than compete directly with them. The company has also established operating bases in Ireland, the UK, the US, the UAE and Singapore.

Shane Farragher, partner at Exponent, said: "We are delighted to partner with OFS, a specialist engineering business with deep OEM relationships, an exceptional technical workforce, and a reputation for reliable delivery in mission-critical environments. Structural growth across the global power market, combined with the emergence of on-site power as a core requirement for data centres, is creating a step-change in demand for OFS's services. We look forward to working alongside Eric, Joe and the team as they invest in their people and capabilities to meet this growing demand."

David McGovern, partner at Exponent, added: "OFS is another great example of the fact that Ireland continues to produce world-class businesses in this broad sector with the expertise and ambition to succeed internationally. The company has built an impressive global reputation from its base in Kildare, underpinned by the vision and leadership of Eric, Joe and the wider management team. We are committed to investing in Irish businesses of this calibre and promise, and we are delighted to partner with OFS as it continues to grow globally."

Founders stay

Kavanagh and Dunne founded OFS more than two decades ago and will continue to lead the business after the investment. Their comments pointed to a continued focus on international expansion and customer demand linked to reliable power infrastructure.

Kavanagh and Dunne said: "We are proud to have built OFS into a trusted partner to customers around the world by focusing on our core values - a shared commitment to excellence, integrity, and a collaborative spirit. As demand for reliable power infrastructure continues to grow, we believe the business is entering an exciting new phase of development. In Exponent, we are delighted to have found a partner who shares our long-term perspective, understood the importance of our culture and recognised the opportunities ahead. Their experience supporting founder-led businesses and their track record in helping scale companies internationally, particularly in the data centre market, make them the right partner for OFS as we continue to invest in our people, capabilities and customer relationships."

The transaction remains subject to regulatory approval.