John Wood Group PLC (Wood; Aberdeen, U.K.) announced that it has completed the sale of its stake in Ethos Energy Group Ltd., a joint venture focused on rotating equipment.
Wood has completed the sale to One Equity Partners for a final net cash consideration of $138 million, with $42 million of prior planned loan notes replaced by an additional cash consideration at completion.
Ken Gilmartin, CEO of Wood, said:”We are pleased to complete the sale of EthosEnergy to One Equity Partners. This strategic divestment is part of our strategy to be selective and focused on our core business. We will continue to align our portfolio as part of our commitment to simplify Wood.”
Wood owned 51% of the EthosEnergy joint venture with its partner, Siemens Energy AG. An agreement by both parties was reached to sell the complete business to private equity firm, One Equity Partners on August 28, 2024 with the deal completed today, January 2, 2025.
EthosEnergy currently employs around 3,600 people globally and contributed $34 million of adjusted EBITDA to Wood’s results (per Wood definition) in 2023, with no revenue recognised in Wood’s results.
EthosEnergy was part of Wood’s Investment Services business unit.