Audax Private Equity (“Audax”), a growth-oriented capital partner to middle market companies, announced today an investment in Total PowerGen Solutions (“TPGS”). Audax is acquiring TPGS from Trivest Partners. Terms of the deal are not disclosed.
Based in Mississauga, Ontario, TPGS is a full-service provider of power generation solutions. The company focuses on providing critical maintenance and repair services for commercial and industrial generators, generator rentals and rental-related services, and new equipment distribution.
“Through TPGS, we see a tremendous opportunity to invest behind a platform with a successful track record sourcing and integrating acquisitions and driving organic growth,” noted Don Bramley, a Partner with Audax Private Equity. “We’re excited to partner with management and through our Buy & Build approach will look to position TPGS as a key player in the larger North American market.”
With roots dating back to 1959, TPGS has grown into an established platform in commercial and industrial generator services.
“We believe Audax Private Equity represents an ideal partner to build on our momentum, accelerate our Buy & Build strategy, and expand into the U.S. market,” noted Andrew Rudderham, CEO of Total PowerGen Solutions. “We want to thank Trivest for their support and partnership over the past five years. We’re excited to embark on this next stage of growth.”
Audax is investing out of its latest flagship fund. The investment was sourced through Audax’ Industrial Services & Technologies team, one of six core industry specializations at the firm.
“Our thesis is premised on several factors, as the backup generator market is large, fragmented, and, in our opinion, positioned for continued growth as aging infrastructure, weather events, and an increasing demand for power combine to increase the demand for commercial and industrial power quality and continuity solutions,” noted Matthew Gosselin, a Managing Director at Audax. “We are excited to partner with TPGS and its management team in building a differentiated North American solutions provider.”
Stephens acted as financial advisor to the sellers on the transaction and Blake, Cassels & Graydon LLP served as legal counsel to the sellers. Guggenheim Securities, LLC served as financial advisor to Audax and Stikeman Elliott LLP and Kirkland and Ellis LLP served as legal counsel to Audax.