M&A Deal Summary

Morgan Stanley Capital Partners Acquires Thermogenics

On June 18, 2025, private equity firm Morgan Stanley Capital Partners acquired machinery company Thermogenics from Audax Private Equity

Acquisition Highlights
  • This is Morgan Stanley Capital Partners’ 1st transaction in the Machinery sector.
  • This is Morgan Stanley Capital Partners’ 2nd transaction in Canada.
  • This is Morgan Stanley Capital Partners’ 2nd transaction in Ontario.

M&A Deal Summary

Date 2025-06-18
Target Thermogenics
Sector Machinery
Buyer(s) Morgan Stanley Capital Partners
Sellers(s) Audax Private Equity
Deal Type Secondary Buyout

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

DESCRIPTION

Morgan Stanley Capital Partners (MSCP) is the private investment arm of financial services firm and investment bank Morgan Stanley. MSCP looks to partner with founders looking to leverage Morgan Stanley's resources, as well as fund corporate carveouts, recapitalizations, buyouts, and industry consolidations. Areas of interest include business services, industrials, education, consumer products/services, food/beverage, retail, healthcare, and packaging. MSCP primarily targets businesses operating in North America valued between $75 and $750 million. Morgan Stanley Capital Partners is based in New York City.


DEAL STATS #
Overall 52 of 52
Sector: Machinery M&A 1 of 1
Type: Secondary Buyout M&A Deals 20 of 20
State: Ontario M&A 2 of 2
Country: Canada M&A 2 of 2
Year: 2025 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-03 SelectQuote

Overland Park, Kansas, United States

SelectQuote is a term life insurance sales company that offers auto and home insurance. The company offers engagement points for consumers across insurance, Medicare, pharmacy, and value-based care, and now has three core business lines: SelectQuote Senior, SelectQuote Healthcare Services, and SelectQuote Life. SelectQuote Healthcare Services is comprised of the SelectRx Pharmacy, a Patient-Centered Pharmacy Home (PCPH) accredited pharmacy, SelectPatient Management, a provider of chronic care management services, and Healthcare Select which proactively connects consumers with a wide breadth of healthcare services supporting their needs. SelectQuote was founded in 1985 and is based in Overland Park, Kansas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-08-27 Clarity

Madison, Connecticut, United States

Clarity is a data and technology-driven provider of member communication solutions for health insurance payors, third party administrators (“TPAs”), and dental insurance companies. The Company’s software collects, consolidates and cleanses its customers’ data from multiple sources to generate compliant and personalized digital member communications across the enrollment, claims, and payments, and compliance functions of its customers. Clarity was founded in 2007 and is based in Madison, Connecticut.

Sell -

Seller(S) 1

SELLER

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 107 of 109
Sector: Machinery M&A 6 of 6
Type: Secondary Buyout M&A Deals 59 of 61
State: Ontario M&A 3 of 3
Country: Canada M&A 4 of 4
Year: 2025 M&A 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-17 CW Advisors

Boston, Massachusetts, United States

CW Advisors is an independent registered investment advisor offering wealth management and investment advisory services to high-net-worth individuals and families in the United States. CW Advisors was founded in 2009 and is based in Boston, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-08 AIA Contract Documents

Washington, District of Columbia, United States

AIA Contract Documents is a provider of customizable legal contracts. AIA Contract Documents has been the gold standard of legal documents and a thought leader within the construction industry for over 130 years. AIA Contract Documents was founded in 1888 and is based in Washington, District of Columbia.

Sell -