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The gas turbine OEM has been acquired by US private equity company CSL Capital Management.
MTU Aero Engines AG has sold Vericor Power Systems. This marine and industrial gas turbine OEM is being acquired by US private equity company CSL Capital Management of Houston, Texas. The agreement was signed in early June 2021 and the transaction was closed in August.
CSL Capital is an investment firm focused on the energy services, energy equipment and energy technology sectors. Its global portfolio of companies includes venture, start-ups and later-stage investments. Since its inception in 2008, CSL Capital Management has raised in excess of USD 1.9 billion in equity capital.
MTU established Vericor Power Systems in 1999 as a joint venture with Allied Signal – now Honeywell. Since 2002, this IGT specialist has been a wholly owned subsidiary of MTU Aero Engines. Vericor has around 50 employees.
MTU is retaining the IGT maintenance business for the LM series of industrial gas turbines, which is operated by MTU Maintenance Berlin-Brandenburg.