Current Holding

·

Acquired 2023

Fox Innovation & Technologies

A technology-led aftermarket services provider for rotating equipment in the industrial energy sector.

STATUS

Current holding

Sub-sector

Critical services for rotating equipment

HQ

United States

Fund

الصندوق الثاني

Overview

Fox’s core focus is compressor revamp engineering — delivering superior performance, shorter cycle times, and cost and CO₂ savings versus the OEMs.

Its innovative revamp offering is complemented by a full suite of aftermarket services, including field services, parts and repairs, industrial storage, communications and control systems — serving a broad range of rotating equipment across critical industrial applications.

Approx. Revenue

$150m

Employees

~450

Countries

40

Bolt-on acquisitions

4

Why we invested

01

Proprietary, best-in-class revamp technology and a holistic aftermarket platform.

02

Recurring, high-margin aftermarket revenues driven by installed-base servicing, upgrades and long equipment lifecycles, supported by favourable tailwinds (ageing equipment, rising reliability requirements, and OEMs prioritising new-equipment sales).

03

Attractive financial profile with an asset-light operating model and strong cash generation.

04

Industry-leading executive team that led the largest public company in the rotating-equipment space (Dresser-Rand) for c. 15 years.

Buy-and-build

Acquisitions completed under Bluewater ownership, building Authentix into an integrated global authentication and supply-chain integrity platform.

2023

FoxComm

2023

Revak Keene Turbomachinery

2024

Cotter Group

2025

SSE