Miller Proctor Nickolas Acquires Mobile Steam Boiler Rental Corp.

Plexus Capital Acquires Majority Interest in National Boiler Service

September 29, 2023

Industrial Services

Plexus Capital has acquired a majority interest in National Boiler Service (NBS), a Trenton, Georgia–based provider of boiler maintenance, repair and installation services serving pulp & paper, chemical, power generation and utility end markets. Plexus plans to support NBS’s growth — expanding customers and complementary services organically and via strategic acquisitions.

Miura Co., Ltd. Acquires Cleaver-Brooks

May 17, 2024

Manufacturing

Japanese boiler manufacturer Miura Co., Ltd. has acquired Cleaver-Brooks, a U.S.-based provider of packaged boilers and boiler-room solutions headquartered in Thomasville, Georgia. The deal expands Miura's global manufacturing and service footprint and positions the combined business to better serve heat-intensive industrial end markets in North America.

AH Equity Investments Acquires Proctor Sales, Inc.

August 1, 2022

Industrial Services

AH Equity Investments, the U.S. holding company for Panama-based Alternative Holdings, acquired Proctor Sales, Inc., a manufacturers' representative and distributor of boilers, burners, pumps and related mechanical room equipment, effective August 1, 2022. Generational Equity served as advisor to Proctor Sales on the transaction. AH (backed by permanent capital) intends to hold Proctor Sales long-term and will work with existing management to support future growth.

Hidden Harbor Capital Partners Acquires Machinery Services Corp. & Rapid Pump & Meter Service Co.

August 29, 2022

Industrial Services

Hidden Harbor Capital Partners, a Boca Raton-based private equity firm, acquired Machinery Services Corp. and Rapid Pump & Meter Service Co. (MSC&RPM), a Paterson, New Jersey provider of pump, motor and water/wastewater infrastructure services. The acquisition closed July 21, 2022; Hidden Harbor will partner with management to pursue growth and expand MSC&RPM's footprint in municipal, industrial and transportation end markets.

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.

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.