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.

ABOUT TOTAL POWERGEN SOLUTIONS

Total PowerGen Solutions is a Canadian distributor of power generation solutions that has been in business since 1959. Operating across Canada, Total Power provides a full complement of maintenance and repair services, rentals, and equipment sales for standby, mobile and prime power generator systems and other power quality and continuity equipment ranging from 10kW to 2,000kW and beyond.

ABOUT AUDAX PRIVATE EQUITY

Headquartered in Boston, with offices in San Francisco, New York, and London, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of May 2024, over 270 employees, and 100-plus investment professionals, Audax has invested in more than 170 platforms and 1,300 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

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