Houlihan Lokey Advises Bernhard Capital Partners

Houlihan Lokey is pleased to announce that Bernhard Capital Partners (BCP) has agreed to sell its stake in Brown & Root Industrial Services (Brown & Root, or the company) to One Equity Partners (OEP). KBR, Inc. (NYSE:KBR), which has been an investor in Brown & Root since 2015, will continue to own a significant stake in the company. The transaction is expected to be completed in late Q3 or early Q4 2025, subject to customary closing conditions and approvals.

Headquartered in Baton Rouge, Louisiana, Brown & Root provides nondiscretionary, specialty industrial services, with a focus on recurring industrial maintenance and turnaround services. The company also offers services for construction, industrial engineering, soft craft (e.g., scaffolding, insulation), and other specialty services. Brown & Root serves a blue-chip customer base across the chemicals and synthetics, energy, manufacturing, and government segments. It has more than 10,000 employees and 22 locations across the U.S., with a core presence in Texas and the Gulf Coast region.

BCP is a services and infrastructure-focused private equity management firm established in 2013. It has deployed capital in five funds across several strategies and has more than $5 billion in assets under management. BCP seeks to create sustainable value by leveraging its experience in acquiring, operating, and growing services and infrastructure businesses.

OEP is a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 400 transactions worldwide. OEP, founded in 2001, spun out of J.P. Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt, and Amsterdam.

Houlihan Lokey served as the exclusive sellside financial advisor to BCP and assisted in marketing, structuring, and negotiating the transaction on its behalf. This deal exemplifies the continued success of Houlihan Lokey’s dedicated coverage of the industrial services sector.

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