On August 6, 2024, Cotter Group Holdings ("Cotter Group" or the "Company"), a highly regarded rotating machinery services provider, was acquired by Fox Innovation & Technologies, ("Fox"), a portfolio company of Blue Water Energy LLP (“Bluewater”).
Kroll served as an exclusive financial advisor to Cotter Group in connection with the transaction.
“We are delighted to be partnering with Fox for the next stage of our growth. Kroll’s international industry relationships and meticulous process allowed us to connect with multiple parties from around the world, providing several unique options to our team. It was very important to our team that we partner with a next level services provider to enhance our already top-tier field services. Fox Innovation & Technologies brings a level of engineering, management and revamp technology that will further displace the OEMs and bring our customers longer run times, more reliability, and lower operating costs.”
Shawn Cotter, Founder and COO of Cotter Group Holdings
“We thoroughly enjoyed working with the Cotter family and the Company’s executive team. Cotter’s reputation as a leading provider of industrial maintenance solutions created multiple options for the family. This new partnership with Fox has created a technology leading solution for industrial process companies seeking to improve efficiency and decrease their carbon footprint.”
Jim Rebello, Managing Director, Kroll's Industrial Banking Practice
About Cotter Group Holdings
Cotter Group comprises of S.T. Cotter Turbine Services, Axis Mechanical Group and Axis Industrial Repair Services. The Company is a premier field service maintenance provider for various rotating equipment such as turbines, compressors, pumps and other industrial machinery. Providing services across the U.S., Cotter Group customers represent industrial end markets including LNG, chemical, petrochemical, refining and power generation. In addition to field services, the Company provides in-house repair services to control and expedite the turnaround process, adding value for customers by coordinating the entire repair process and reducing costs. The Company is headquartered in Clearwater, Minnesota with an additional office in Houston, Texas.
Locke Lord, LLP and Meagher + Geer, PLLP served as legal counsels to Cotter Group in connection with the transaction.
About Fox Innovation & Technologies
Based in Houston, Texas, Fox Innovation & Technologies is a fast-scaling provider of advanced technological solutions specializing in high-speed rotating equipment. Fox was acquired by Bluewater Energy in 2021 and subsequently acquired Revak Keene Turbomachinery in 2023, a full-service repair, manufacturing and industrial storage provider based in Houston, Texas.
Fox is led by former Dresser-Rand CEO, Vincent Volpe. Cotter Group will become the field project execution arm of Fox’s compressor and rotating equipment business.
Porter Hedges LLP, White & Case LLP and Holland & Knight LLP served as legal counsels to Fox in connection with the transaction.
About Bluewater
Bluewater is a London-based specialist private equity firm focused on the middle-market energy sector. Bluewater aims to grow companies through a combination of organic and add-on acquisitions. Since its inception in 2011, Bluewater has invested in 23 companies and completed approximately 70 transactions across the globe. Bluewater currently has $2.5 billion under management across two funds and co-investment vehicles.
