Center Rock closes continuation vehicle for turbine services firm, led by New 2ND Capital
What's the deal? Center Rock Capital PartnersDealroom has a profile for this one. Try Dealroom → has closed its first continuation vehicle for Power Services Group (PSG)Dealroom has a profile for this one. Try Dealroom →, a US provider of aftermarket services and parts for steam and gas turbines. New 2ND CapitalDealroom has a profile for this one. Try Dealroom → led the oversubscribed transaction, with reinvestment from Center Rock and PSG management. The deal size was undisclosed.
Who else is in? The syndicate included institutional investors BBH Cedar Street EquityDealroom has a profile for this one. Try Dealroom →, BregalDealroom has a profile for this one. Try Dealroom →, and Coller EQT.
What's PSG? Headquartered in Cape Coral, Florida, the company provides turnkey field and repair services, parts manufacturing, and engineering to utilities, independent power producers, and industrial customers. It operates a network of facilities across the US.
Why now? Utilities and independent power producers are running an aging turbine base under tighter outage windows, driving demand for reliable maintenance and parts partners.
"Our reinvestment reflects our confidence in Keith and his team, and our view that the platform has meaningful room to grow," said Terry Theodore, a partner at Center Rock.
Zoom out: Center Rock is a Midwest-based firm focused on lower-middle-market industrial companies, with over $1.7 billion in assets under management as of December 31, 2025. New York-based New 2ND Capital specialises in leading middle-market GP-led deals.
PJT PartnersDealroom has a profile for this one. Try Dealroom → advised PSG and Center Rock. Kirkland & EllisDealroom has a profile for this one. Try Dealroom → was legal advisor to Center Rock, and Ropes & GrayDealroom has a profile for this one. Try Dealroom → advised New 2ND Capital.
The signal: Continuation vehicles let private equity firms hold high-conviction assets longer while returning liquidity to earlier investors — a structure gaining traction in the industrial middle market as sponsors bet on the power sector's growing maintenance demand.
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