Alantra acted as exclusive sell-side financial advisor to Turbine Overhaul Performance Specialists (“TOPS” or “the Company”) on its sale to Capstreet, a Houston-based lower middle market private equity firm.
Founded in 2008 and headquartered in Huffman, Texas, TOPS is an independent, multi-OEM service provider specializing in the inspection, overhaul, and maintenance of gas and steam turbines, generators, and liquefied natural gas (LNG) plant equipment. The company provides nationwide maintenance and outage services to independent power producers, utilities, and industrial energy customers. Founder and CEO Toby Wooster will remain with the company following the transaction.
Alantra advised TOPS throughout the sale process, supporting the company and its management team through to a successful closing.
Jon Tetirick, Director at Alantra, said: “This transaction marks the fourth power gen / rotating equipment deal for Alantra in the past 12 months demonstrating the firm’s support and its ongoing relationships with many of the industry’s key constituents (both private equity and strategic groups).”
Eric Golod, Associate at Alantra, added: “The Wooster family has built an outstanding business known for delivering high-quality services across gas turbines, steam turbines, and generators. As turbine maintenance demand continues to grow, driven by an aging fleet and an expanding installed base, we believe TOPS is well positioned for its next phase of growth. We’re confident that the partnership with Capstreet will further strengthen TOPS’s capabilities and broaden their ability to serve leading customers across the industry.”
Wade Aust, Managing Partner at Alantra, commented: “Alantra has been working in the power gen / rotating equipment space for decades on both sides of the Atlantic. We are witnessing unprecedented deal volumes and valuations on both sides of the Atlantic and expect it to continue in the near-term as power demand increases.”
This transaction further reinforces Alantra’s advisory activity in the power generation and rotating equipment sector, underscoring the firm’s deep understanding of the industry and its relationships with a broad range of private equity and strategic buyers
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