Ethica Global Investments, the investment company promoted by Ethica Group, announces the sale of its portfolio company WeBlade, a unique industrial platform positioned among the global leaders in the turbine blade value chain, to IGI Private Equity, an independent private equity firm specializing in investments in Italian companies.
Ethica Global Investments was advised on the financial aspects of the transaction by the Ethica Group M&A Advisory team.
With more than 70 years of experience, 185 employees, and approximately €41 million in consolidated revenue recorded in 2025, WeBlade has established itself as one of the few global players capable of covering the entire turbine blade value chain—from design and engineering to forging, precision machining, and finishing operations. The platform was created in 2024 as part of EGI’s buy-and-build strategy through the integration of DOM, acquired in 2020 and specialized in turbine blade machining, and C-Blade, acquired from U.S.-based holding company SIFCO Industries, which specializes in the forging and finishing of large-scale components. This latter segment is characterized by high barriers to entry and is served globally by only a limited number of operators with highly specialized industrial expertise. The integration of C-Blade completed and fully integrated the value chain, creating a unique industrial platform in the European market capable of serving the full range of turbine blade sizes for both new installations and the aftermarket.
In recent years, WeBlade has established itself as a qualified supplier and trusted technical partner to leading global industry players—including Siemens Energy, Ansaldo Energia, Doosan, and GE Vernova—as well as major independent MRO operators. The company has successfully positioned itself in the high-complexity segment of forged and machined turbine blades, where engineering expertise, certifications, and proprietary tooling represent significant barriers to entry, reinforcing its strategic role within the power generation supply chain.
With the support of IGI, WeBlade aims to further strengthen its global position in the outsourced turbine blade market by combining organic growth with a targeted acquisition strategy focused on industry consolidation, diversification into high value-added applications, and geographic expansion, particularly in the United States.
“The journey we have undertaken with WeBlade encompasses all the key elements of a successful growth strategy, built on a strong partnership between a financial investor and management. Since our investment, we have consistently and effectively implemented a range of initiatives—thanks also to the management team’s unwavering commitment—that have enabled the company to embark on a renewed phase of growth and further strengthen its position in the power generation market. Furthermore, with the acquisition of C-Blade in October 2024, we created the first industrial player capable of covering the entire turbine blade value chain, launching a unique value creation process that has established the group as a leading supplier and trusted partner to the industry’s major players. We are confident that IGI is the right partner to further accelerate and consolidate the growth journey already underway,” said Ruggero Jenna, on behalf of Ethica Global Investments.
