Audax has acquired Thermogenics, a manufacturer of steam and hot water boilers, from Ironbridge Equity Partners.
Thermogenics is a manufacturer of steam and hot water boilers, thermal fluid heaters, and custom-engineered systems used in industrial, commercial, and institutional heating applications in the healthcare, food, beverage, and pharmaceutical sectors. Thermogenics, led by CEO Ross Garland, is headquartered in Aurora, Ontario with additional operations in Jacksonville, Florida; Cincinnati, Ohio; and Ottawa, Ontario.
Ironbridge acquired Thermogenics in March 2016 through its $154 million second fund. Over the term of its investment, the firm expanded the company’s presence in Canada and established a US footprint through the acquisition of Yown’s Boiler & Furnace Service, a Jacksonville, Florida-based provider of services including installation, maintenance and repairs of boilers, pressure vessels, and piping systems.
“Ironbridge was a great partner for the Thermogenics team,” said Ross Garland, CEO of Thermogenics. “They combined valuable insight with an appreciation for operational opportunity and challenge as we executed our strategic growth plan. We thank the Ironbridge team for their support and are excited about the next chapter of growth with Audax.”
Audax invests in middle-market companies that have from $8 million to $50 million in EBITDA and enterprise values of $50 million to $400 million. Sectors of interest include business and consumer services; energy; healthcare; technology, media and telecom; and industrials including chemicals, infrastructure, and building materials. Audax, with offices in Boston, New York, and San Francisco, is currently investing out of its $3.5 billion, sixth private equity fund.
“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, a managing director at Audax. “We believe Thermogenics’ high-quality product and service offerings and loyal customer base complement our portfolio of industry-leading companies.”
“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, a managing director at Audax.
“We were very pleased to have partnered with Ross and the Thermogenics management team, who did an exceptional job of both driving growth and navigating through unprecedented economic upheaval,” said Jeff Murphy, a managing partner at Ironbridge. “We wish them continued success in their new partnership with Audax.”
Toronto-headquartered Ironbridge Equity Partners makes equity investments from $15 to $50 million in Canadian-based companies with EBITDA from $5 million to $20 million. Sectors of interest include manufacturing, distribution, consumer products and services, and business products and services. In November 2021, Ironbridge held a first, final, and above target close of its fourth fund, Ironbridge Equity Partners IV LP, with C$383 million of capital.
Solomon Partners was the financial advisor to Audax, and KeyBanc Capital Markets was the financial advisor to Thermogenics.
© 2022 Private Equity Professional | July 1, 2022