TowerBrook Capital Partners L.P. (“TowerBrook”), today announced a majority equity investment in LiftWerx Holdings Inc. (“LiftWerx” or “the Company”), a Canada-based operations and maintenance services provider to the onshore wind industry.
Founded in 2016, LiftWerx is a founder- and management-owned independent service provider of turnkey, mission-critical operations and maintenance (O&M) services to the onshore wind industry in North America. The Company specialises in the replacement of major components of wind turbines, such as gearboxes, main bearings and generators. LiftWerx has developed proprietary uptower crane technology used for servicing turbines, which sits on the top of the turbine itself, is safer and more economical to operate, and has significantly less negative impact on the environment compared to traditional ground-based cranes.
LiftWerx is the third investment for TowerBrook Delta, the firm’s dedicated impact strategy launched in 2023. In line with the firm’s longstanding TowerBrook Responsible Ownership™ principles, TowerBrook Delta invests in businesses designed to generate a specific and measurable social or environmental impact, and to directly contribute to advancing the UN Sustainable Development Goals, while seeking to deliver market returns.
“We are thrilled to partner with the founders and leadership team of LiftWerx to support the company through its next phase of growth,” said Alex Nisichenko, Managing Director of TowerBrook. “Thanks to its innovative and proprietary uptower crane technology and industry-leading service teams, LiftWerx has become a dominant force among wind O&M independent service providers in less than a decade, working with a loyal and growing customer base that includes some of the largest blue-chip original equipment manufacturers and owner operators. LiftWerx provides a solution that is not only faster and cheaper than the existing alternatives but is also safer and more environmentally friendly, helping to drive the energy transition.”
Glen Aitken, President and Founder of LiftWerx stated, “I am incredibly proud of what we have accomplished in the past eight years. We welcome the partnership with TowerBrook which will allow us to accelerate our growth, expand our crane fleet and teams, and enhance our service operations. As a first step in this new partnership, we have already placed an order to expand our crane fleet by 50%.”
Joshua Rauchwerger, Vice President and Founder of LiftWerx added, “TowerBrook is an ideal partner to facilitate our continued expansion with its global reach, deep resources and operational expertise. We look forward to working closely with TowerBrook to realise our shared ambitions for LiftWerx.”
