GenServe, a prominent independent provider of backup power solutions, has been successfully acquired by Aurora Capital Partners, a private equity firm based in Los Angeles. This acquisition, announced on August 5, 2024, marks a significant milestone for GenServe and underscores its robust growth trajectory within the commercial and industrial generator services market. The transaction follows a highly successful investment period under GenNx360 Capital Partners, a New York-based private equity firm, which oversaw substantial expansion and value creation at GenServe.
Under GenNx360’s ownership since April 2018, GenServe experienced remarkable growth, transforming from a regional service provider into a multi-state platform. This expansion was fueled by strategic initiatives focused on service excellence and aggressive growth both organically and through acquisitions. Notably, GenServe completed 12 add-on acquisitions, significantly broadening its geographic reach across the Northeast, Illinois, Florida, Texas, and California, and enhancing its comprehensive service offerings in generator maintenance, repair, rentals, and sales. This strategic approach capitalized on favorable market trends and the fragmented nature of the generator services industry.
Daphne Dufresne, GenServe Board Chair and Managing Partner at GenNx360, expressed pride in the company’s achievements: “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.”
Echoing this sentiment, GenServe CEO Fred Smagorinsky highlighted the collaborative spirit and dedication of the GenServe team: “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.” He emphasized the pivotal role of GenNx360 in facilitating GenServe’s evolution into a national leader in generator services.
Peter White, Vice President at GenNx360, further emphasized the strategic execution that drove GenServe’s success: “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.” The financial advisory for the transaction was led by Lazard, with KeyBanc Capital Markets acting as co-advisor. Legal counsel was provided by Winston & Strawn.
About GenServe
GenServe stands as a market leader in ensuring power resiliency for commercial and industrial clients. The company provides critical services including maintenance, repair, rental, and sales of backup power solutions, vital for businesses aiming to mitigate the risks and costs associated with power failures. GenServe distinguishes itself with one of the largest teams of EGSA certified technicians among independent generator service providers, affirming its commitment to expertise and reliability. As a comprehensive “one-stop-shop,” GenServe delivers end-to-end power supply solutions, ensuring business continuity and operational efficiency for its clientele. For more detailed information, please visit www.genserveinc.com.
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm headquartered in New York City, specializing in investments in middle market business services and industrial companies. GenNx360 focuses on partnering with companies that demonstrate robust and sustainable business models within growing industries. The firm actively supports its portfolio companies through strategic initiatives aimed at accelerating growth, enhancing operational efficiencies, and generating strong financial returns. Founded in 2006, GenNx360 has established a strong track record of value creation in the private equity space. Further details can be found at www.gennx360.com.
This acquisition by Aurora Capital Partners is poised to propel GenServe into its next phase of growth, building upon the strong foundation established with GenNx360 and further solidifying its position as a leader in the expanding market for backup power solutions.
