One Equity Partners Agrees to Acquire AMECO

Strategic Carve-Out Builds on Firm’s Industrial Sector Expertise

NEW YORK – One Equity Partners (“OEP”), a middle market private equity firm, today announced that it has agreed to acquire the North American operations of AMECO (“AMECO” or the “Company”), a full-service provider of construction equipment, scaffolding, small tools management and total site solutions, from Fluor Corporation (NYSE: FLR) for $73 million.

Headquartered in Greenville, SC, AMECO provides construction projects with full lifecycle management of their asset optimization and craft workforce support needs from consultative pre-bid estimates, to site services and ongoing site maintenance support. AMECO serves capital construction project owners, contractors and ongoing plant operators in the chemical, power, energy, life sciences and advanced manufacturing sectors across the U.S. and Canada.

OEP has partnered with industry veteran Gary Bernardez who led AMECO from 2001 to 2012 and will become CEO of AMECO upon the transaction’s closing. “We are thrilled to be partnering with Gary and the entire AMECO team on this next phase of the Company’s development as an independent entity,” said Joseph Huffsmith, Managing Director, OEP. “For over 70 years AMECO has been helping customers manage their most complex equipment and site service needs. Working with the management team, we look forward to building upon that legacy.”

As a standalone company, AMECO will seek to grow its customer base by delivering construction asset management and site services focused on enhancing craft productivity and cost certainty to site operators and engineering, procurement and construction customers.

“We’re excited about our partnership with OEP, a firm with an excellent reputation and proven experience in building industrial services businesses into market leaders,” said Bernardez. “We are looking forward to leveraging AMECO’s significant experience on construction sites and operating facilities to more broadly serve the market as we transition to an independently-operated business.”

OEP has a track record of acquiring businesses across its core sectors, including industrial companies through corporate carve-outs. OEP acquired ORS Medco, a wholesaler of maintenance and repair focused non-discretionary and consumable industrial and automotive aftermarket products, from Essendant Inc. in October 2019; and Walterscheid Powertrain Group, a leading provider of original equipment and aftermarket parts and services for off-highway powertrain applications, from GKN Limited in June 2019, among others.

CMD Global Partners served as financial advisor and Baker & McKenzie LLP as legal counsel to OEP, while KPMG LLP served as accounting and tax advisor. PNC Capital Markets LLC is providing debt financing for the transaction.

About One Equity Partners

One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.

About AMECO

AMECO is a full-service provider of construction equipment, scaffolding, small tools management and total site solutions to capital construction project owners, contractors and ongoing plant operators in the chemical, power, energy, life sciences and advanced manufacturing sectors across the U.S. and Canada. Headquartered in Greenville, SC, AMECO provides construction projects with full lifecycle management of their asset optimization and craft workforce support needs from consultative pre-bid estimates, to site services and ongoing site maintenance support. For more information, please visit www.ameco.com.