New York, New York. January 9, 2024 – GenNx360 Capital Partners is pleased to announce GenServe’s acquisition of the commercial division of Austin Welder & Generator Service, Inc. (“Austin Generator” or the “Company”). In addition to the commercial division, the Company has a residential division, which was excluded from the transaction. GenServe is a portfolio company of GenNx360 Capital Partners (“GenNx360”), a New York-based private equity firm investing in middle market business services and industrial companies.
GenServe is a leading independent provider of scheduled and emergency power generator maintenance, repair and sales in the Northeast region, with significant presence across Texas, Florida and Illinois, serving primarily commercial and municipal customers in various industries.
Austin Generator is a key player in the Austin, Texas generator market, serving a diverse set of customers in commercial and municipal end markets. Austin Generator provides maintenance and repairservices for generators and backup power solutions, as well as generator and related equipment sales and rentals.
GenServe CEO, Fred Smagorinsky, said, “We are excited to bring the highly skilled team at Austin Generator into GenServe. Their reputation for service excellence is well known in the Austin area and dovetails well with GenServe’s focus on providing outstanding service for critical backup power infrastructure.”
“Austin Generator has built a longstanding reputation for excellent customer service and technical capability in the Austin area, and I am confident that GenServe will uphold that reputation while improving on business systems and capabilities to provide an even better experience for our customers,” said Kurt Summers, Austin Generator President.
“This is an important addition to GenServe’s Texas business, giving the company greater scale and depth in the region and making it a premier independent generator service provider in the Austin area,” said Daphne Dufresne, GenServe Board Chair and GenNx360 Managing Partner.
About GenServe
GenServe is a leader in the maintenance, repair, and sale of industrial generators and backup power solutions. The Company has the largest team of EGSA certified technicians of any independent generator maintenance company. GenServe is a one-stop shop provider of comprehensive emergency power supply system solutions to protect companies against the high cost of power failure.
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on acquiring middle market business services and industrial companies. GenNx360 partners with companies having proven and sustainable business models in expanding industries with the objective of implementing and supporting value-enhancing organic and inorganic initiatives to accelerate growth, deliver cost efficiencies, and generate strong financial returns. Target industries include industrial machinery and components, logistics and supply chain solutions, industrial and environmental services, food and agricultural products and services, infrastructure equipment and services, specialty chemicals, packaging, and aerospace and defense. GenNx360 was founded in 2006 and is headquartered in New York City.
For more information on GenNx360 Capital Partners, please visit http://www.gennx360.com. For media inquiries about this press release, please contact:
GenNx360 Capital Partners
Carmen Rojas, Director of Investor Relations
Email: investorrelations@gennx360.com
Tel: +1 212.257.6772
