Aurora Buys Industrial Asset Monitoring Company Anova

Aurora Capital Partners has acquired Anova, a provider of Industrial Internet of Things (IoT) technology used to remotely monitor and manage industrial assets.

Anova products and services are used to monitor and manage industrial equipment such as tanks, gauges, pumps, and other field assets used in the industrial gas, propane, fuels, lubricants, and chemicals sectors.

The company’s platform combines proprietary hardware sensors, managed wireless connectivity, and cloud-based software modules for forecasting, scheduling, routing, analytics, and business intelligence, giving customers real-time visibility into the location, status, and condition of their equipment.

Anova’s products include remote telemetry units that track variables such as tank levels, pressures, and temperatures, analytics dashboards that support stock-out prevention, and asset-tracking tools designed for distributed industrial operations. Anova monitors more than 1.8 million assets for over 2,000 customers operating in more than 80 countries. The company’s customers range from regional operators to multinational industrial companies that rely on Anova’s technology to manage logistics, maintenance, and equipment reliability at scale. Anova is led by CEO Matthew Toone and is headquartered near New York City in New Providence, New Jersey.

“We are thrilled to partner with Aurora as we continue to build on the significant growth and momentum that our team has achieved over the last several years,” said Mr. Toone. “Aurora’s experience in scaling technology-enabled industrial businesses and its commitment to investing for long-term growth make them Anova’s ideal partner as we look to accelerate customer adoption and product innovation as well as further our international expansion.”

Aurora has experience scaling technology-enabled industrial businesses, including investments in Cold Chain Technologies, which combines engineered industrial products with data-driven temperature control systems used in pharmaceutical logistics, and First Legal, a technology-enabled services platform that integrates software, data, and operational workflows at scale. In both cases, Aurora supported growth through operational infrastructure, technology investment, and add-on acquisitions, providing relevant precedent for its partnership with Anova.

“Anova is a unique business that is critical to the performance of its customers’ industrial assets,” said Randy Moser, a partner at Aurora. “The company’s advanced asset monitoring solutions and deep domain expertise provide critical insights and operational advantages to its customers. As more customers adopt data-driven solutions to optimize their operations, we believe there is significant opportunity to support Anova’s global growth.”

Headquartered in Los Angeles, Aurora Capital Partners was founded in 1991 and makes control investments of $50 million to $300 million in business services, industrial services, and tech-enabled services that are valued between $100 million and $500 million. In September 2025, the firm closed Aurora Equity Partners VII LP with more than $2.1 billion in above-target capital commitments.

“Our experience in Anova’s core markets positions us to differentially accelerate the company’s growth,” said Bryant Yung, a managing director at Aurora. “We are also excited to support Anova’s add-on acquisition program as we broaden the company’s reach into new end markets, applications, and technologies.”

Baird was the financial advisor to Anova, and Houlihan Lokey was the financial advisor to Aurora. Golub Capital arranged the debt financing for the transaction.