Fox Innovation & Technologies, under the leadership of former Dresser-Rand CEO Vincent Volpe, has made a significant move to expand its compressor and rotating equipment business with its second acquisition. The company announced the acquisition of Cotter Group Holdings, a well-regarded provider of rotating machinery services. This strategic acquisition will serve as the field project execution arm of Fox’s current business, elevating the platform to over $100 million in LTM (Last Twelve Months) revenue on a proforma basis.
Vincent R. Volpe, CEO of Fox Innovation & Technologies, emphasized the importance of this acquisition, stating, “This acquisition signifies the completion of the first major phase of our business plan to provide technology equal to or better than any of the OEMs, combined with the agility and responsiveness typically associated with first-tier providers of traditional aftermarket services. With our technology capabilities now verified on test, and the acquisition of REVAK last July providing us with the fundamental manufacturing footprint, the addition of the Cotter Group completes the core business approach. We are now positioned to offer our clients solutions that reduce their carbon footprint, enhance energy security, and ensure long-term profitable growth for Fox.”
The acquisition of Cotter Group Holdings, which includes S.T. Cotter Turbine Services, Axis Mechanical Group, and Axis Industrial Repair services, significantly enhances Fox’s field operation capabilities and expands its footprint across the United States. The Cotter Group’s extensive experience in executing critical field service projects will enable Fox to offer a comprehensive, full-service solution to its clients, further strengthening its position in the market.
Reflecting on the journey, Volpe noted, “Approximately three years ago, when we sought financial backing, we laid out a plan that required developing world-class technology around compressor flow path efficiency. That technology is now in place. The REVAK acquisition provided the manufacturing and repair capabilities we needed, and the acquisition of the Cotter Group now brings us the field services organization essential to connect our solutions directly to end users. This acquisition is a defining step forward for Fox Innovation & Technologies.”
Shawn Cotter, founder and COO of Cotter Group Holdings, expressed enthusiasm about the partnership, stating, “We are delighted to be partnering with Fox on the next stage of our growth journey. Fox Innovation & Technologies brings engineering, management, and revamp technology that will further displace the OEMs and bring our customers longer run times, more reliability, and lower operating costs. Fox’s technology and manufacturing capabilities are exactly what we need to take our business to the next level.”
Tom Sikorski, founding partner at Bluewater, praised the acquisition as highly strategic for Fox, noting that it demonstrates the strength and potential of both companies. He expressed confidence in Fox’s continued focus on expanding its best-in-class operations within the compressor and broader rotating equipment market.
The integration process will begin immediately, with both Fox and the Cotter Group committed to ensuring a seamless transition for their employees and clients. The financial details of the transaction remain undisclosed.
For more information visit www.foxinnovation.com
