Exponent announces investment in Irish-based gas turbine specialist, OFS, to meet international power generation demand
18 August 2026, DUBLIN and LONDON, – Exponent, a leading European private equity firm, has reached an agreement to invest in OFS, an Ireland-based and Irish-run provider of specialist technical services for the global power industry. Co-founders Eric Kavanagh and Joseph Dunne will continue to lead OFS as it meets growing demand from power generation, energy and data centre customers around the world.
Built over 20 years, OFS deploys a global team of engineers and technicians who install, commission, maintain and operate industrial and aeroderivative gas turbines and related generation assets and equipment. Often working directly on behalf of blue-chip OEMs, OFS’ specialist teams currently support customers in more than 40 countries around the world, including Mitsubishi Power, Solar Turbines, Siemens, GE Power and Vantage, among others. The company has built long-standing relationships with major gas turbine manufacturers through a complementary service-led model that supports, rather than competes with, its partners.
Gas turbines are essential for a broad range of mission-critical applications, including supporting the electric grid, and are increasingly becoming the preferred “behind the meter” power solution for data centres, with adoption driven by grid constraints, connection delays and the need for reliable power supply as demand for capacity continues to rise.
Exponent will partner with OFS to accelerate growth through strengthening the business's commercial capabilities, investing in its people and service offering, and capturing growing demand from power generation, energy and data centre customers.
Shane Farragher, Partner at Exponent, said: “We are delighted to partner with OFS, a specialist engineering business with deep OEM relationships, an exceptional technical workforce, and a reputation for reliable delivery in mission-critical environments. Structural growth across the global power market, combined with the emergence of on-site power as a core requirement for data centres, is creating a step-change in demand for OFS's services. We look forward to working alongside Eric, Joe and the team as they invest in their people and capabilities to meet this growing demand.”
David McGovern, Partner at Exponent, said: “OFS is another great example of the fact that Ireland continues to produce world-class businesses in this broad sector with the expertise and ambition to succeed internationally. The company has built an impressive global reputation from its base in Kildare, underpinned by the vision and leadership of Eric, Joe and the wider management team. We are committed to investing in Irish businesses of this calibre and promise, and we are delighted to partner with OFS as it continues to grow globally.”
Eric Kavanagh and Joseph Dunne, the co-founders of OFS, said: “We are proud to have built OFS into a trusted partner to customers around the world by focusing on our core values – a shared commitment to excellence, integrity, and a collaborative spirit. As demand for reliable power infrastructure continues to grow, we believe the business is entering an exciting new phase of development. In Exponent, we are delighted to have found a partner who shares our long-term perspective, understood the importance of our culture and recognised the opportunities ahead. Their experience supporting founder-led businesses and their track record in helping scale companies internationally, particularly in the data centre market, make them the right partner for OFS as we continue to invest in our people, capabilities and customer relationships.”
The transaction underscores Exponent’s commitment to investing in the Irish market and partnering with ambitious founder-led businesses to accelerate their growth. Exponent has been investing in Irish-based businesses since 2012, further supported by the opening of its Dublin office in 2023. The investment in OFS serves as another example of Exponent’s long-standing focus on differentiated, market-leading businesses in the infrastructure and industrial services sector, with recent investments including H&MV Engineering (global provider of specialist high-voltage electrical engineering services for data centres, battery energy storage systems, utilities and renewables based in Co. Limerick), Ethos Engineering (Dublin-based leader in sustainable data centre design services delivered across EMEA) and Optimas International (global distributor of mission-critical fasteners and C-class components supplying blue-chip OEM customers across a range of industrial end-markets based in the UK).
The transaction remains subject to standard regulatory approvals and is expected to complete in Q4 2026.