Audax Private Equity Acquires Total PowerGen Solutions from Trivest Partners

CapVest Completes Acquisition of TSG Solutions

July 21, 2026

Industrial Services

CapVest Partners completed its acquisition of a majority stake in TSG Solutions (TSG), a European provider of technical services for critical energy infrastructure. TSG is headquartered in Paris and operates across 30 countries with more than 7,000 employees, offering end-to-end services across power/grid infrastructure, EV charging, solar, BESS, and gas/biogas.

TSG Solutions Acquires Powertek Utilities and Van der Heijden in the UK and Netherlands

April 3, 2026

Energy

TSG (with support from HLD) continues its European acquisition strategy with two targeted deals: it is integrating Powertek Utilities in the United Kingdom and Van der Heijden in the Netherlands. The acquisitions broaden TSG’s capabilities in electrification, networks, and industrial infrastructure to better serve the energy-transition market.

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.

TPG Acquires Altus Power for $2.2 Billion

February 6, 2025

Infrastructure

Altus Power, a commercial-scale clean energy provider focused on solar and related infrastructure, agreed to be acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy in an all-cash deal valued at about $2.2 billion (including outstanding debt). In the merger, Altus Power stockholders receive $5.00 per share. The transaction closed in April 2025 and Altus Power became privately held, with its NYSE listing removed.

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.

Ontario Teachers' Pension Plan Board Acquires Evoltz from TPG

May 10, 2021

Energy

Ontario Teachers' Pension Plan Board agreed to acquire 100% of Evoltz Participações S.A., a Brazil-based electricity transmission platform, from TPG. The deal gives Ontario Teachers' ownership of Evoltz's transmission network spanning thousands of kilometers across multiple Brazilian states and is expected to close subject to customary conditions and regulatory approvals.