Bernhard Capital Partners has agreed to sell its stake in Baton Rouge-based Brown & Root Industrial Services, 10 years after it created the business.
One Equity Partners, a private equity firm focused on the industrial, health care and technology sectors, is set to purchase Bernhard’s share in Brown & Root for an undisclosed sum. Houston-based KBR Inc. will continue to own a significant stake in Brown & Root. The deal is set to close in September or October.
Bernhard Capital and KBR partnered in 2015 to create Brown & Root, which provides industrial and turnaround services for refineries, petrochemical, chemical and manufacturing plants. The company came about after Bernhard combined Wink Engineering with KBR’s industrial services group…