Industrial Growth Partners has acquired SENS Holdings, a designer and manufacturer of energy systems.
SENS specializes in battery chargers, integrated power systems, and battery monitoring systems designed to ensure continuous power supply and reduce system downtime.
The company has developed a patented portfolio of proprietary charger and system designs which enable modular configurations, higher durability, and greater redundancy.
“We are thrilled to partner with IGP as we embark on the next phase of SENS’ growth,” said Mr. Kaewert. “Their decades of experience in the industrial sector and infrastructure-related end markets combined with their growth-oriented mindset made them our partner of choice to carry on the legacy of my family’s company and support SENS’ entrepreneurial culture. We look forward to leveraging IGP’s resources to steward SENS through its next chapter as we continue to rapidly grow and scale the business.”
Many of SENS’ customers operate in the data center, hospital, energy, telecommunication, manufacturing, and water treatment sectors. The company was founded in 1971 by members of the Kaewert family and is currently led by Bill Kaewert, who serves as CEO. SENS is headquartered near Boulder in Longmont, Colorado.
The acquisition of SENS is the sixth platform investment for IGP’s sixth fund, which closed in August 2022 with $1.2 billion in capital. The fund’s fifth platform investment was made in July 2024 with the acquisition of Alpha Metalcraft Group, a Connecticut-based manufacturer of formed metal components with tight tolerances and complex shapes. These components are used in commercial aerospace, rotorcraft, military aircraft, munitions, and space applications, as well as in the medical and industrial sectors.
Industrial Growth Partners provides equity capital to lower middle-market niche manufacturing and industrial services companies with revenues of up to $250 million. The firm invests equity in various transaction types involving a change of ownership, such as management buyouts, leveraged buyouts, corporate divestitures, recapitalizations, and management buy-ins. IGP was founded in 1997 and is based in San Francisco.
TPG Twin Brook was the administrative agent on the debt financing to support IGP’s acquisition of SENS. Chicago-based TPG Twin Brook focuses on loans to private equity-owned companies with EBITDA between $3 million and $50 million, with an emphasis on companies with $25 million of EBITDA and below. The firm targets senior financing opportunities up to $200 million, with hold sizes across the platform ranging from $25 million to $150 million. TPG Twin Brook’s products include opportunistic investments in second lien, mezzanine, and equity co-investments.
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