NEW
YORK, Aug. 5, 2024 /PRNewswire/ -- 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.
![(PRNewsfoto/GenNx360 Capital Partners) (PRNewsfoto/GenNx360 Capital Partners)](https://mma.prnewswire.com/media/875111/GenServe.jpg)
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.
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.
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. 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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/gennx360-capital-partners-announces-the-sale-of-its-portfolio-company-genserve-302214404.html
SOURCE GenNx360 Capital Partners