Morgan Stanley Capital Partners Acquires Thermogenics from Audax Private Equity

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 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.

Druid Capital Partners Acquires Thermex-Thermatron

July 1, 2023

Manufacturing

Druid Capital Partners has completed the acquisition of Thermex-Thermatron, a long-established manufacturer of high-power industrial RF and microwave heating systems, partnering with Thermex management led by President/CEO Ray Lund. The transaction provides liquidity to existing shareholders and positions Thermex to pursue growth opportunities while continuing to serve global customers across automotive, medical and packaging markets.

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.

Audax Private Equity Acquires Total PowerGen Solutions from Trivest Partners

September 10, 2024

Industrial Services

Audax Private Equity has acquired Total PowerGen Solutions (TPGS) from Trivest Partners. The transaction positions TPGS as a North American platform for Audax's buy-and-build strategy to accelerate organic growth and expand into the U.S.; terms were not disclosed.

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.