Core-backed TEG buys GTA

GTA is the first bolt-on TEG has made since Core acquired the business in November 2016.

The acquisition was supported with cash from TEG's balance sheet plus fresh equity from Core Capital Partners II, which held a final close on £85m in September 2015 and has made three platform investments so far.

The combined group will employ 90 people and generate revenues of £25m. TEG generated sales of £16m for 2017, according to publicly available documents.

Core said underlying organic growth was strong and revenues had organically doubled since its initial investment. However, it will continue to explore opportunities that broaden the group's service capabilities.

Company
Founded in 1984, GTA is an independent service provider specialising in the Saturn and Centaur industrial gas turbines. GTA provides overhaul, repair and testing services, primarily operating within the upstream and midstream energy sector, from its facility in Calera, Oklahoma.

People
Core Capital Partners – Matthew Hewlett (investment manager).
Turbine Efficiency Group – Chris Turner (CEO).

Advisers
Equity – Baker Hostetler (legal); BDO (tax).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• UK / Ireland
• Support services
• United Kingdom
• United States
• Build-up