LOS ANGELES, August 5, 2024 — Aurora Capital Partners (“Aurora”), a leading middle-market private equity firm, today announced that it has acquired GenServe (the “Company”), the market-leading independent provider of backup power solutions for commercial, industrial and critical infrastructure applications. Terms of the transaction were not disclosed.
Founded in 1990, GenServe provides a comprehensive suite of standby power solutions to protect its customers against costly grid outages. Powered by its industry-leading team of more than 150 field technicians, GenServe performs preventative maintenance and service repairs for more than 10,000 customers across many applications and end-markets including healthcare, data center, utilities, government, and education. The Company has recently expanded its operations beyond the Northeastern U.S through organic expansion and 12 completed acquisitions, with service capabilities in more than 7 states via sixteen branch locations today.
“GenServe is a terrific fit with Aurora’s investment focus within industrial and infrastructure services. The Company’s consistent track record of high-quality service has resulted in a loyal customer base and a leading market-position across multiple regions in North America,” said Matthew Laycock, Partner at Aurora. “With a well-diversified platform of critical, non-deferrable solutions, the Company is well-positioned to take advantage of significant macro tailwinds in the power resiliency space, including an aging electrical grid prone to outages and increased cost of power failure. We look forward to working closely with the GenServe team to execute Aurora’s Strategy & Operations Program by strategically deploying growth capital to expand its geographic footprint and service offerings.”
“Aurora’s track record and experience in the broader industrial and infrastructure services industry, commitment to partnering with management teams and expertise in implementing successful Buy & Build acquisition programs makes it the ideal growth capital partner for GenServe,” said Fred Smagorinsky, CEO of GenServe. “We identified a significant opportunity to expand our business through M&A more than five years ago, and we are excited to partner with Aurora to continue executing that strategy while also maintaining a relentless focus on organic expansion, geographic growth and industry-leading customer service.”
“The GenServe team has built a compelling M&A pipeline to complement its impressive organic growth and has a long runway ahead as the consolidator of choice in its markets,” said Jordan Leibowitz, Vice President at Aurora.
The GenServe investment follows several recent Aurora partnerships in the industrial and infrastructure services space, including VLS Environmental Solutions, PSC Group, Sharps Medical Waste Services, and IronSite (fka Automated Gate Services).
Lazard and KeyBanc Capital Markets served as financial advisors to GenServe. Piper Sandler served as financial advisor and Gibson Dunn served as legal advisor to Aurora. Ares Management Credit funds arranged the debt financing for the transaction.
About Aurora Capital Partners
Aurora Capital Partners is a leading Los Angeles-based private equity firm with $5 billion in assets under management. Founded in 1991, the firm invests in middle-market companies with leading market positions, stable industry dynamics, attractive business model characteristics and actionable opportunities for growth in partnership with management. For more information about Aurora Capital Partners, visit: www.auroracap.com.
About GenServe
GenServe is a market leader in the power resiliency space, providing its customers with critical maintenance, repair, rental and sale of commercial and industrial backup power solutions. The Company has one of the largest teams of EGSA certified technicians of any independent generator maintenance company. GenServe is a one-stop-shop provider of comprehensive power supply solutions to protect companies against the high cost of power failure. For more information on GenServe, please visit www.genserveinc.com.
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