Mangrove Equity Partners is pleased to announce the sale of PowerParts Group, a leading provider of mission-critical aftermarket components and services for gas and steam turbines.
PowerParts Group was formed through the strategic combination of industry-leading turbine aftermarket businesses, including STAR Turbine, acquired in 2020, and Thor Precision, acquired in 2023. Together, these businesses created a differentiated platform serving blue-chip OEMs, independent MROs, utilities, and industrial customers across the power generation market.
“PowerParts Group is a great example of our approach to building enduring industrial platforms,” said Roger Bates, Operating Partner at Mangrove Equity Partners. “Through strategic acquisitions, operational investment, and a strong partnership with management, we helped transform two highly respected niche manufacturers into an integrated, scaled leader positioned for long-term growth.”
Jorge Cadena, President of PowerParts Group, added:
“Mangrove was an outstanding partner to our team. Their support allowed us to invest meaningfully in people, facilities, and capabilities, while maintaining our customer-first culture. Together, we built a stronger, more diversified business that is well prepared for its next chapter.”
Highlights of Mangrove’s Ownership Include:
- Formation of PowerParts Group through the acquisition and integration of STAR Turbine and Thor Precision, creating a leading turbine aftermarket platform
- Successful integration of leadership teams, back-office functions, and commercial efforts, enabling cross-selling and operational leverage
- Recruitment and development of a professional management team, including the addition of a President & Chief Commercial Officer, Chief Financial Officer, and Vice President of Operations
- Expansion of manufacturing footprint, including relocation of the Ohio operations into a 68,000-square-foot facility, significantly increasing capacity for growth
- Significant operational investments to bring critical manufacturing processes in-house, improving lead times, quality control, and margins
- Implementation of a company-wide profit-sharing program and an employee equity ownership program, aligning employees and key leaders with long-term value creation
- Substantial capital investment and proprietary product initiatives, including exclusive licensing arrangements and specialized equipment purchases that strengthened the Company’s competitive moat
Mangrove worked closely with the PowerParts Group management team to position the business for its next phase of growth, supported by strong industry tailwinds, expanding end markets, and a differentiated set of technical and manufacturing capabilities.
CIBC U.S. Middle Market Investment Banking served as financial advisor to Mangrove Equity Partners on the sale of PowerParts Group.
About Mangrove Equity Partners Mangrove Equity Partners strives to deliver uncommon value to those we partner and work with, including business owners, management teams and their employees and the intermediaries who help bring us together. We draw on our genuine and deep operational experience, extensive investment history, respect for people and culture and commitment to doing the right thing to help create positive outcomes for everyone involved.
Mangrove pursues investments in a broad range of industries, with a particular emphasis and past success in niche manufacturing, industrial and business-to-business services and enthusiast consumer products. We seek to invest in businesses headquartered in North America with EBITDA ranging from $3 million to $10 million and revenue ranging from $10 million to $100 million. For more information, please visit www.mangroveequity.com