- Volpe will lead FIT as CEO
- FIT will target the after-sales segment of the compressor and other rotating equipment markets
- Bluewater is focused on the middle-market energy sector
Private equity firm Bluewater and Vincent Volpe, ex-CEO of Dresser-Rand, have launched Fox Innovation & Technologies, a platform that will service the energy and industrial compressor and rotating equipment market.
Volpe will lead FIT as CEO.
FIT will target the after-sales segment of the compressor and other rotating equipment markets.
FIT’s first major act is the acquisition of Houston-based Revak Keene Turbomachinery, which specializes in remanufacturing, upgrading, and re- rating steam turbines, pumps, gears, compressors, and complete steam turbine systems for industrial and energy sector customers.
On the transaction, Tom Sikorski, founding partner at Bluewater, previously worked closely with Vincent Volpe having invested in Dresser-Rand, said in a statement, “We are delighted to have the chance to work again with Vincent Volpe and his team. Our experience with them at Dresser-Rand was fantastic and the potential here is even better. There is a huge opportunity in a large addressable market to start a focused compressor efficiency strategy, and this team is the best in class in that field.”
Bluewater is focused on the middle-market energy sector. The firm manages $2.5 billion of investment across a portfolio of 19 companies.