TowerBrook Capital Partners Announces Investment in LiftWerx

TowerBrook Capital Partners L.P. (“TowerBrook”), the New York and London-based international investment firm, 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 specializes 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 realize our shared ambitions for LiftWerx.”

About TowerBrook

TowerBrook Capital Partners is a purpose-driven, transatlantic investment management firm that has raised $23.9 billion to date. As a disciplined investor with a commitment to fundamental value, TowerBrook seeks to deliver superior, risk-adjusted returns to investors on a consistent basis, guided by TowerBrook Responsible Ownership™ principles which are central to the firm’s value creation strategy. TowerBrook partners with talented, experienced managers and senior advisors who share the firm’s values and support its investment objectives, providing capital and resources to transform the capabilities and prospects of the businesses in which it invests, driving better outcomes for all stakeholders. TowerBrook takes an entrepreneurial, multinational, single-team approach and since inception in 2001, has invested in more than 90 companies on both sides of the Atlantic. TowerBrook is the first mainstream private equity firm to be certified as a B Corporation, demonstrating leadership in its commitment to environmental, social and governance (ESG) standards and responsible business practices and recently launched a dedicated impact strategy, TowerBrook Delta. For more information, please visit: www.towerbrook.com.

About LiftWerx

Based in North America, LiftWerx provides turnkey services for major corrective repairs, using crane-less technology. The technology offered by LiftWerx provides significant benefits over the use of traditional cranes. Crane-less solutions reduce mobilization costs, avoid delays due to high wind speeds, avoid the requirement of obtaining road permits, minimize ground pressures, and decrease the overall footprint as compared to using traditional cranes on the ground. In addition, the up-tower cranes are fully-electric and have a materially lower carbon footprint than traditional cranes. For more information, please visit: https://liftwerx.com/.

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