Exponent's €70 Million Bet on Naas Gas Turbine Firm OFS Signals Ireland's Growing Role in Global Energy Services
European private equity firm Exponent has announced an investment of more than €70 million in OFS, a Naas-based specialist in the installation, maintenance, and operation of industrial and aeroderivative gas turbines — a deal that is expected to support the company's international expansion and a doubling of its 200-strong workforce, and which underscores Ireland's growing importance as a hub for energy services companies serving the global data centre and power generation markets.
Background
OFS was founded by Eric Kavanagh and Joseph Dunne, two engineers who identified an opportunity to build a specialist services business around the increasingly complex world of gas turbine technology. Based in Naas, County Kildare, the company has grown steadily over the past decade to become a significant player in the global power industry, with teams operating in more than 40 countries and serving major clients including Siemens, GE Power, Mitsubishi Power, Solar Turbines, and Vantage.
The company's services are increasingly critical for data centres, which are adopting gas turbines as a "behind the meter" power solution to address grid constraints, connection delays, and the rising demand for reliable, mission-critical power. Ireland's position as one of Europe's leading data centre hubs — the country hosts a disproportionate share of the continent's data centre capacity — has created a natural domestic market for OFS's services, while the company's international reach has allowed it to build a global client base.
Exponent, the European private equity firm behind the investment, has been active in the Irish market in recent years. Earlier in August 2026, the firm announced a €750 million investment in H&MV, the Limerick-headquartered high-voltage electrical engineering group, valuing that business at €1.4 billion. The OFS deal, while smaller in scale, follows a similar logic: identifying Irish companies with specialist expertise and global ambitions and providing the capital and strategic support needed to accelerate their growth.
Key Developments
The investment, announced on 18 August 2026, is valued at more than €70 million, though the precise financial terms have not been disclosed. The deal is subject to regulatory approval and is expected to be completed in the final quarter of 2026. The incumbent management team, led by co-founders Kavanagh and Dunne, will remain in place to lead the company through its next phase of development.
OFS has announced plans to double its workforce from approximately 200 to 400 people in the coming years, a significant expansion that will create high-quality engineering and technical jobs in County Kildare and potentially in other locations as the company grows. The investment will also support the expansion of OFS's service capabilities, including investment in training, equipment, and technology.
The deal follows a period of strong growth for OFS, driven by the increasing demand for gas turbine services from data centres and power generation companies seeking reliable, flexible power solutions. The company's ability to service turbines from all the major manufacturers — a relatively rare capability in the market — has been a significant competitive advantage.
Why It Matters
The OFS investment is a significant vote of confidence in Ireland's engineering and energy services sector. The country has long been known as a hub for pharmaceutical and technology multinationals, but the emergence of homegrown companies like OFS — with genuine global reach and specialist expertise — represents a maturing of the Irish business ecosystem.
The energy services sector is at a critical juncture globally. The transition to renewable energy is creating enormous demand for flexible, reliable power solutions that can complement intermittent wind and solar generation. Gas turbines, while not a long-term solution in a fully decarbonised energy system, play an important bridging role, and the companies that can service and maintain them efficiently are well-positioned to benefit from the current phase of the energy transition.
For County Kildare, the OFS investment is a significant economic development. The county has benefited from its proximity to Dublin and its strong transport links, attracting a range of technology and services companies in recent years. The doubling of OFS's workforce will create well-paid engineering jobs that will have a positive multiplier effect on the local economy.
Local Impact
In Naas, the OFS investment has been welcomed by local business groups and elected representatives. The town, which serves as the county town of Kildare, has been developing its profile as a business location in recent years, and the growth of a homegrown company of OFS's calibre is a significant boost to that effort. Kildare County Council has been supportive of OFS's development and is expected to work with the company on any planning or infrastructure requirements associated with its expansion.
The doubling of OFS's workforce will require significant recruitment activity, and the company is expected to work with local educational institutions, including the Institute of Technology Carlow and Maynooth University, to develop pipelines of engineering talent. Apprenticeship programmes and graduate recruitment initiatives are expected to be central to the company's workforce expansion strategy.
What's Next
The deal is expected to close in the fourth quarter of 2026, subject to regulatory approval. OFS will then begin the process of deploying the investment capital, with workforce expansion and service capability development the immediate priorities. The company is expected to announce specific recruitment plans in the coming months. Exponent will take a board seat at OFS as part of the investment, providing strategic guidance alongside the existing management team.
