GenNx360 Capital Partners Announces GenServe’s 9th Acquisition, Illini Power Products and Gen-Power
Portfolio Company News - January 03, 2023
New York, New York. GenNx360 Capital Partners (“GenNx360”) is pleased to announce GenServe’s acquisition of Illini Power Products and Gen-Power (or the “Company”). GenServe is a portfolio company of 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 North Atlantic region, with significant presence across Texas and Florida, serving primarily commercial customers in various industries.
Illini Power Products and Gen-Power are key players in the Chicago generator market, serving a diverse set of customers in the municipal and commercial end markets. Based in Carol Stream, Illinois, Illini Power Products provides maintenance and repair services for generators and backup power solutions, as well as generator and related equipment sales. A sister company to Illini Power Products serving the same territory, Gen-Power provides rental generators and accessories to commercial, municipal, and other end markets.
“The acquisition of Illini Power Products and Gen-Power marks another major geographic expansion for GenServe. We are excited to bring their team into the GenServe family and accelerate our growth. We are also pleased that the leadership team from the Company, including their former owner and President, Scott Harbaugh, and their General Manager, Chris Rizzo, will be joining GenServe,” said Fred Smagorinsky, GenServe’s CEO.
“I am excited to work with the GenServe team to take our business to the next level and drive significant growth in the Chicago area. Our employees are excited by the systems and capabilities that GenServe will bring to the business to facilitate that growth,” said Scott Harbaugh, Illini Power Products and Gen-Power President.
“This acquisition gives GenServe a key beachhead in the Chicago area and the large Mid-West region that we have been focused on entering as part of our buy-and-build strategy,” said Daphne Dufresne, GenServe Board chair and GenNx360 Managing Partner.
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. For more information on GenServe, please visit www.genserveinc.com
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
Tel: +1 212.257.6772