On June 10, 2025, KeyBanc Capital Markets (KBCM) successfully advised Thermogenics (the Company), a portfolio company of Audax Private Equity (Audax), on its sale to Morgan Stanley Capital Partners (Morgan Stanley). KBCM was chosen to serve as Thermogenics’ Sell-Side Advisor based on its industry-leading Industrial & Business Services practice, longstanding relationship with Audax and the Company, and proven M&A execution capabilities. KBCM previously advised Thermogenics in its sale to Audax in 2022.
Thermogenics is a provider of boiler lifecycle solutions in North America, offering boiler service & maintenance, equipment sales, and rental solutions for its customers' mission critical boilers in industrial, commercial, and institutional sectors. With 24/7 factory-trained technician support and its boiler rentals solution set, Thermogenics and its affiliated brands function as a one-stop shop for its customers' most complex steam and heating needs. Headquartered in Aurora, ON, Thermogenics operates across North America with locations in Ottawa, ON, Cincinnati, OH, Jacksonville, FL, Orlando, FL, Sioux City, IA, West Hartford, CT, Greensboro, NC, Apache Junction, AZ and Las Vegas, NV.
Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, 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 March 2025, over 290 team members, and 100-plus investment professionals, Audax has invested in more than 175 platforms and over 1,350 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.
Morgan Stanley is a leading middle-market private equity platform focused on privately negotiated equity and equity-related investments primarily in North America. The firm seeks to create value in portfolio companies primarily in a series of subsectors in the industrial and business services, healthcare and consumer markets.