Center Rock Capital Partners Closes Oversubscribed Continuation Vehicle for Power Services Group Led by New 2ND Capital

CHICAGO & BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--Center Rock Capital Partners (“Center Rock”) is pleased to announce the closing of its first continuation vehicle for Power Services Group (“PSG” or the “Company”). The oversubscribed transaction was led by New 2ND Capital with significant reinvestment from both Center Rock and PSG management, reflecting their strong conviction in the Company. The transaction included participation from a syndicate of institutional investors including BBH Cedar Street Equity, Bregal, and Coller EQT.

PSG is a leading independent provider of aftermarket services and parts for steam and gas turbines in the power generation, industrial and petrochemical markets. The Company offers turnkey field and repair services, parts manufacturing and engineering capabilities to utilities, independent power producers, and industrial customers. PSG offers nationwide coverage through a strategically located network of facilities across the United States.

Keith Ravan, CEO of PSG, said, “I am delighted to continue our partnership with Center Rock. This transaction allows us to continue building a best-in-class provider for our customers through outstanding service, a relentless focus on safety, on-time delivery, and true accountability.”

Terry Theodore, Partner at Center Rock, said, “Utilities and independent power producers are managing an aging installed base against shorter outage windows, and they require a partner who can deliver on both parts and field execution, with certainty on the timetable. PSG's integrated capability positions the Company to do that, and management has built a track record of safe, on-time performance that customers rely on. Our reinvestment reflects our confidence in Keith and his team, and our view that the platform has meaningful room to grow.”

Ian Kirson, Partner at Center Rock, added, “Keith and the PSG management team have built an exceptional platform by combining high-quality turnkey solutions with a reputation for outstanding execution. We are thrilled to extend our partnership with Power Services Group and look forward to continue supporting the PSG team through its next phase of growth.”

Yindran Puspanathan, Partner at New 2ND Capital, also commented, “This continuation vehicle highlights our ability to source and lead attractive middle-market GP-led opportunities, allowing us to invest in quality assets and cultivate true partnerships. Center Rock and the PSG management team have built an impressive business in PSG and we are excited to partner with them.”

PJT Partners served as the exclusive financial advisor to PSG and Center Rock. Kirkland & Ellis LLP served as legal advisor to Center Rock. Ropes & Gray LLP served as legal advisor to New 2ND Capital.

About Power Services Group

Power Services Group (PSG) is a premier provider of integrated, turnkey solutions for the maintenance, repair, and overhaul of steam and gas turbines. Serving the power generation, oil & gas, and process industries, PSG combines the rich legacies and expertise of Power Plant Services (PPS), Airco Power Services, Turbine Generator Maintenance (TGM), Turbine Resources Inc. (TRI), and Orbital Energy Services (OES). The Company is headquartered in Cape Coral, Florida. For more information, visit www.powerservicesgroup.com.

About Center Rock Capital Partners

Center Rock is a Midwest-based private equity firm (Chicago, IL and Bloomfield Hills, MI) focused on building leading industrial companies in the lower middle market. With substantial expertise working constructively with management teams to drive both operational and strategic improvement, Center Rock’s investment professionals have the flexibility and tools to invest in a broad array of transactions and build value in lower middle market industrial companies. The firm has over $1.7 billion of assets under management as of December 31, 2025. For more information, visit www.centerrockcp.com.

About New 2ND Capital

New 2ND Capital is a New York based private equity firm, specialized in leading GP-led secondaries transactions. The firm focuses on investments in North American middle market companies. New 2ND Capital creates flexible solutions to address the liquidity, capital, and strategic needs of private equity managers and investors. New 2ND Capital is currently investing its fourth fund. The firm had $2.6 billion in regulatory assets under management as of December 31, 2025. For more information, visit www.new2ndcapital.com.