Audax Private Equity Acquires Total PowerGen Solutions from Trivest Partners

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.

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.

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.

Aurora Capital Partners Acquires GenServe from GenNx360 Capital Partners

August 5, 2024

Industrial Services

Aurora Capital Partners has acquired GenServe, a leading independent provider of commercial and industrial backup power solutions, from GenNx360 Capital Partners. GenServe operates maintenance, repair, rental and sales services across multiple U.S. states with over 350 employees and 16 locations; terms were not disclosed.

Generac Acquires PowerPlay Business from SunGrid Solutions

June 26, 2024

Renewable Energy

Generac Power Systems has acquired the PowerPlay battery energy storage systems business from SunGrid Solutions. The PowerPlay operation in Cambridge, Ontario will become Generac's dedicated R&D facility for commercial & industrial BESS solutions; the transaction closed on June 26, 2024 and terms were not disclosed.

TPG Rise Climate Acquires Altus Power

February 6, 2025

Energy

TPG, through its TPG Rise Climate Transition Infrastructure strategy, acquired Altus Power, Inc. in an all-cash transaction at $5.00 per share, valuing the company at approximately $2.2 billion including outstanding debt. The deal—first announced on February 6, 2025—closed in April 2025, taking Altus Power private and positioning the company to scale its commercial-scale solar, energy storage and charging solutions.