Former Dresser-Rand CEO Launches Rotating-Equipment Company
With the acquisition of manufacturing firm Revak Keene, Fox Innovation and Technologies plans to launch technology aimed at disrupting the compressor and rotating equipment aftermarket status quo.
A new compressor technology venture headed by former Dresser-Rand CEO Vincent Volpe and backed by Bluewater Private Equity has entered the market with the acquisition of Texas-based Revak Keene Turbomachinery.
Fox Innovation and Technologies (FIT) says it will target the compressor and rotating equipment services aftermarket with a proprietary technology and design to produce impellers and the associated gas-flow path to optimize the efficiency and operational range of in-service equipment.
The concept centers on a cartridge that can fit in any OEM’s compressor casing with a simple bespoke design process using internal detailed criteria sources from end-user clients’ files; the cartridge itself is designed and manufactured for installation during planned turnarounds and maintenance periods.
“With the acquisition of Revak, we now have the needed manufacturing footprint to build the equipment in an ISO-certified facility, which also supports a well-established, midsized aftermarket parts, services, and repairs business,” Volpe, CEO of FIT, said in a news release.
Founded in 1981, Revak specializes in remanufacturing, upgrading, and re-rating steam turbines, pumps, gears, compressors, and complete steam turbine systems for industrial and energy sector customers. Its 350,000-ft2 headquarters is in La Porte, Texas, just outside of Houston.
“Over the past 18 months, we have worked together copiously and are now ready to move forward,” said Tom Sikorski, founding partner at Bluewater. “The Revak acquisition is of clear strategic importance, and we are pleased to welcome Paul DeWeese (CEO) and the entire Revak team to our new company.”
Sikorski previously worked closely with Volpe, having invested in Dresser-Rand, according to the release.
Bluewater director Marcello Stroppa said, “This new platform … will disrupt the rotating equipment services market. We have closed on the first strategic acquisition and have a pipeline of other highly actionable opportunities that will accelerate FIT’s growth” globally as it seeks to penetrate what the partners estimate to be a $20 billion market.
According to the announcement, FIT’s technology promises to
- Mitigate the degradation of equipment performance that results from variances in operating conditions or new processes introduced over the life of a gas field
- Compress cycle times to less than 50% of today’s present standard for compressor revamps
- Attract the attention of C-Suite decision makers focused on sustainability and the environment
- Satisfy the needs of operations leaders focused on reliable production at the lowest possible operating cost
“We have a clear strategy that will allow us to service industrial companies’ existing assets to increase efficiency, thereby reducing costs and the global carbon footprint of industrial processes,” Volpe said.
“It is our belief that successful execution of this strategy in the coming years will affect the reduction in equivalent emissions of over 1 million automobiles annually,” he continued. “Over the past 18 months, we have built a leadership and technology team with over 600 years of combined experience in high-speed rotating equipment. Our development platform is designed and now ready for launch.”
Vincent served as CEO of Dresser-Rand for the last 15 years of his 34-year tenure, which included an initial public offering in 2005. During the subsequent 10 years, the company’s stock appreciated by over 350% and led to a $7.6 billion acquisition by Siemens in 2015, according to FIT’s release.