On June 2, 2022, Audax Private Equity acquired Thermogenics, Inc., a leading North American boiler service provider, from Ironbridge Equity Partners and other minority investors. The terms of the transaction were not disclosed. This marks the first investment by Audax’s Origins Fund I. Thermogenics, headquartered in Ontario with operations in both Canada and the U.S., offers full lifecycle boiler solutions, including proprietary energy-efficient boilers, parts, and maintenance services, to a wide range of commercial and industrial clients. The company is known for its coil-tube technology and service-driven business approach. Ross Garland, CEO of Thermogenics, expressed enthusiasm for the new partnership with Audax, which is expected to accelerate growth and expand the company’s offerings. Audax representatives, Greg Smith and Don Bramley, lauded the management team of Thermogenics and anticipated building upon the company’s reputation as a premier boiler solutions provider. Solomon Partners and KeyBanc Capital Markets acted as financial advisors to Audax and Thermogenics, respectively. Legal counsel for Audax was provided by Kirkland & Ellis and Blakes, while Davies served as legal counsel for Thermogenics.