JLL Partners, the middle‑market private‑equity arm of Jones Lang LaSalle Incorporated, announced the acquisition of PowerParts Group (PPG) on January 26, 2026. PPG, formed in 2020, supplies mission‑critical replacement parts and field services for gas and steam power turbines through its two subsidiaries, STAR Turbine and Thor Precision.
The deal broadens JLL Partners’ footprint in the industrials sector, adding a portfolio of tight‑tolerance turbine parts that are essential for safe, efficient power‑plant operations. By integrating PPG’s expertise, JLL Partners can offer end‑to‑end solutions for power‑plant operators, positioning the firm to capture growth in a market driven by unprecedented electricity demand.
PPG’s parts are critical for completing outages on schedule and within budget, a capability that complements JLL Partners’ existing investments in healthcare, industrials and business services. The acquisition supports the firm’s strategy of building an engineering‑centric power‑generation components platform, with plans for organic investment and future strategic acquisitions.
Kevin Hammond, Managing Partner at JLL Partners, said the partnership would “enable us to support the critical maintenance needs of gas and steam turbines and expand our capacity and capabilities through organic investment and strategic acquisitions.” Jorge Cadena, President of PPG, added that the collaboration “will enhance the value we bring to our customers by building a platform of leading component manufacturers serving the power‑generation industry.”
JLL Partners has invested approximately $8 billion of equity capital across nine private‑equity funds since 1988, completing 61 platform investments and over 190 add‑on acquisitions. This transaction follows a pattern of transforming businesses into market leaders and reinforces the firm’s focus on high‑margin industrial subsectors.
The acquisition positions JLL Partners to strengthen its industrial services portfolio, leverage its global platform for cross‑selling opportunities, and capitalize on the growing demand for reliable power‑generation maintenance solutions.
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