Thermogenics Acquires Yown's Boiler & Furnace Service

Audax Private Equity Acquires Thermogenics, Inc.

June 2, 2022

Manufacturing

Audax Private Equity has acquired Thermogenics, Inc., a North American designer, manufacturer and service provider of coil‑tube boilers, from Ironbridge Equity Partners and certain other minority investors. The transaction — the first investment by Audax's Origins Fund I — will support Thermogenics' growth initiatives and expansion of its boiler product and service offerings across Canada and the U.S.

Thermogenics Acquires Hartford Boiler Repair Works

September 12, 2023

HVAC & Mechanical

Thermogenics, Inc. has acquired Hartford Boiler Repair Works, a West Hartford, Connecticut-based boiler service and repair company founded in 1926. The acquisition expands Thermogenics' service footprint into the U.S. Northeast and adds Hartford Boiler Repair Works' expertise in boilers, pumps, pipe welding, zone valves and burners to Thermogenics' boiler lifecycle platform.

Thermogenics Acquires Pyro Combustion & Controls

September 26, 2024

HVAC & Mechanical

Thermogenics, a North American boiler lifecycle solutions provider headquartered in Aurora, Ontario, has acquired Pyro Combustion & Controls Inc., a Las Vegas–based boiler service company. The transaction expands Thermogenics' U.S. Southwest footprint and adds local combustion, controls, piping and 24/7 service capabilities to its platform while Pyro will continue to operate under its current name.

Morgan Stanley Capital Partners Acquires Thermogenics from Audax Private Equity

June 10, 2025

Industrial Services

Morgan Stanley Capital Partners (MSCP) acquired Thermogenics, a North American provider of industrial and commercial boiler lifecycle solutions, from Audax Private Equity's Origins strategy in a transaction that closed on June 10, 2025; terms were not disclosed. Headquartered in Aurora, Ontario with over 250 employees and multiple North American locations, Thermogenics expanded its U.S. footprint and capabilities under Audax through six add-on acquisitions and operational improvements; MSCP's investment is positioned to support the company's next phase of growth and geographic expansion.

Thermogenics Acquires Matt Marshall & Co.

May 8, 2024

HVAC & Mechanical

Thermogenics, a North American provider of boiler lifecycle solutions, has acquired Matt Marshall & Co., a 70-year-old boiler service company based in Greensboro, North Carolina. The acquisition expands Thermogenics' service capabilities in the US Southeast and introduces new presence in the mid-Atlantic while allowing Matt Marshall & Co. to continue operating under its existing name.

Thermon Group Holdings Acquires Vapor Power International

January 15, 2024

Manufacturing

Thermon Group Holdings, Inc. (NYSE: THR) has acquired Vapor Power International, a provider of electric and gas-fired boilers and steam generators, from StonePointe LLC and members of Vapor Power's management. The acquisition (reported at approximately $110 million) expands Thermon's product portfolio into electric resistance, electrode and super critical coil tube boilers, supporting its electrification and decarbonization strategy.