News

New York, New York. August 5, 2024 – GenNx360 Capital Partners (“GenNx360”), a New York-based private equity firm investing in middle market business services and industrial companies, is pleased to announce the sale of its portfolio company, GenServe (the “Company”) to Aurora Capital Partners, a Los Angeles-based private equity firm. GenServe is a leading independent provider of back-up power solutions for commercial and industrial customers. The Company offers scheduled and emergency generator maintenance, repair, rentals and sales in the Northeast, Illinois, Florida, Texas and California. The terms of the transaction were not disclosed.

 

GenNx360 invested in GenServe in April 2018, identifying an attractive opportunity in the generator services market that was supported by strong macro tailwinds and meaningful fragmentation. These industry dynamics set the stage for the Company to undergo a significant transformation, grow rapidly and create long-lasting enterprise value. During GenNx360's ownership, both revenue and EBITDA increased dramatically driven by the development and execution of an aggressive service first strategy focused on both organic and acquisition-based growth. The Company completed 12 add-on acquisitions increasing its geographic footprint while also expanding its overall service offering. The Company was further supported by a best-in-class management team that was carefully constructed throughout GenNx360’s ownership period.

 

“This transaction represents the culmination of a successful partnership with the GenServe team. We grew from a New York and New Jersey-based service provider to a multi-regional platform with 16 locations across seven states. We are thrilled with the Company’s performance and wish management all the best. They are truly world class,” said Daphne Dufresne, GenServe Board Chair and a Managing Partner at GenNx360.

 

GenServe CEO, Fred Smagorinsky said, “Under GenNx360’s ownership, and due to the incredible hard work of, and the outstanding culture built by, GenServe’s employees, we have become the largest independent generator service provider in the United States with over 350 outstanding employees. Our colleagues at GenNx360 have been phenomenal partners to work with during this remarkable period of growth.”

 

“We are incredibly proud of the significant growth and transformation that GenServe achieved during our partnership. This success is a testament to the hard work and relentless strategic execution of the entire team,” said Peter White, Vice President at GenNx360.

 

Lazard served as lead financial advisor and KeyBanc Capital Markets served as co-advisor. Winston & Strawn served as legal advisor to GenServe and GenNx360.

 

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.

 

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. GenNx360 was founded in 2006 and is headquartered in New York City.

 

For more information on GenNx360 Capital Partners, please visit 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: 212-257-6772