M&A Deal Summary

Audax Private Equity Acquires Thermogenics

On June 2, 2022, private equity firm Audax Private Equity acquired machinery company Thermogenics from Ironbridge Equity Partners

Acquisition Highlights
  • This is Audax Private Equity’s 5th transaction in the Machinery sector.
  • This is Audax Private Equity’s 4th transaction in Canada.
  • This is Audax Private Equity’s 3rd transaction in Ontario.

M&A Deal Summary
Date 2022-06-02
Target Thermogenics
Sector Machinery
Buyer(s) Audax Private Equity
Sellers(s) Ironbridge Equity Partners
Deal Type Secondary Buyout
Advisor(s) KeyBanc Capital Markets (Financial)
Davies Ward Phillips & Vineberg (Legal)

Target

Thermogenics

Aurora, Ontario, Canada
Thermogenics is a manufacturer of coil-tube steam and hot-water boilers and related equipment used in industrial, commercial, and institutional applications in the North American market. Thermogenics was founded in 1975 and is based in Aurora, Ontario.

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Buyer(S) 1

Buyer

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 153 of 166
Sector (Machinery) 5 of 5
Type (Secondary Buyout) 66 of 71
State (Ontario) 3 of 4
Country (Canada) 4 of 6
Year (2022) 7 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-01 Monarch Landscape Companies

Los Angeles, California, United States

Monarch Landscape Companies is a provider of commercial landscaping services. Monarch Landscape Companies was founded in 1969 and is based in Los Angeles, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-14 Harbourfront Wealth Management

Vancouver, British Columbia, Canada

Harbourfront Wealth Management includes a registered Securities Dealer/Investment Advisory firm servicing established advisors and their high net worth clients, an Investment Fund Manager that specializes in managing sub-advised alternative investment funds and a US SEC Registered Investment Advisory firm. Harbourfront Wealth Management was formed in 2013 and is based in Vancouver, British Columbia.

Buy -

Seller(S) 1

SELLER

Ironbridge Equity Partners

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 700M CAD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Ironbridge Equity Partners (IEP) is a private equity investor in middle-market Canadian companies. IEP targets profitable companies with motivated management, 'history of positive earnings strong competitive positions within industry niche, and opportunities growth (organic or through acquisitions). IEP looks to invest at least $15 million in transactions valued up to $50 million. Areas of interest include manufacturing, distribution, consumer products/services, and business services. The Firm will not invest in real estate, natural resources, and technology. Ironbridge Equity Partners was formed in 2005 and is based in Toronto.

DEAL STATS #
Overall 9 of 11
Sector (Machinery) 1 of 1
Type (Secondary Buyout) 5 of 5
State (Ontario) 4 of 4
Country (Canada) 9 of 11
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-13 Alliance

Mississauga, Ontario, Canada

Alliance is a distributor and manufacturer of products and solutions including cabling, assemblies, antennas and related active and passive connectivity componentry to support wireless, broadband, broadcast and wireline networks for the North American market. Alliance is based in Mississauga, Ontario.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-23 Kore Outdoor

Saint-Laurent, Quebec, Canada

Kore Outdoor is a provider of manufacturer and distributor of paintballs, markers, and other paintball products. The company has also leveraged its expertise in softgel encapsulation to a wide range of industries including consumer products, nutritional and pharmaceuticals. Kore Outdoor was founded in 2010 and is based in Saint-Laurent, Quebec.

Buy -
Mergr

Product

Company

Legal