Audax Private Equity Announces Strategic Investment in Thermogenics

JUN 2022

Audax Private Equity (“Audax”) today announced it has acquired Thermogenics, Inc. (“Thermogenics” or the “Company”), a leading North American provider of boiler service & maintenance, equipment sales and rentals, from Ironbridge Equity Partners and certain other minority investors. Financial terms of the transaction were not disclosed. Thermogenics represents the first investment by Audax’ Origins Fund I.

Headquartered in Ontario with operations in Canada and the US, Thermogenics specializes in providing complete boiler lifecycle solutions to a diverse set of commercial and industrial customers and end markets. To complement its service-driven business model, the Company designs and manufacturers differentiated, energy efficient boilers with proprietary coil-tube technology, and provides best-in-class parts and maintenance services through its highly-trained team of technicians.

Ross Garland, CEO of Thermogenics, commented, “We are thrilled to be partnering with Audax as we enter an exciting new chapter in our history. This investment will help Thermogenics accelerate growth and expand its boiler product and service offerings to customers. Partnering with Audax will only enhance our ability to continue doing what we do best – providing trusted solutions to our clients.”
“We are excited to partner with Ross and the rest of the Thermogenics management team to accelerate the growth of the Company and build upon their success as a best-in-class provider of boiler solutions,” said Greg Smith, Managing Director at Audax Private Equity.

“Led by a world-class management team, Thermogenics has developed an excellent reputation within the industry as the premier provider of coil-tube boiler products, parts and services,” said Don Bramley, Managing Director at Audax Private Equity. “We believe Thermogenics’ high-quality product and service offerings and loyal customer base complement our portfolio of industry leading companies.”

Solomon Partners served as financial advisor to Audax and KeyBanc Capital Markets served as financial advisor to Thermogenics. Kirkland & Ellis and Blakes served as legal counsel to Audax and Davies served as legal counsel to Thermogenics.