MIAMI – Trivest Partners (“Trivest”), a leading private equity firm focused on investing in founder and family-owned businesses, has completed the sale of its portfolio company Total PowerGen Solutions (“Total Power” or the “Company”) to Audax Private Equity (“Audax”). Total Power partnered with Trivest’s Mid-Market Fund VI in late 2018. Terms of the sale were not disclosed.
Headquartered in Mississauga, Ontario, Total Power is a leading provider of commercial and industrial PowerGen solutions throughout Canada. The Company has provided its customers with integrated power solutions for both back-up and prime power applications since 1959, operating 17 facilities across Ontario, Quebec, Alberta, British Columbia, New Brunswick, Newfoundland, and Nova Scotia. Led by CEO Andy Rudderham and a seasoned management team, Total Power continued its longstanding history of organic growth that was complemented by 8 strategic add-on acquisitions during the Trivest partnership. At exit, the Company had over 450 loyal employees, maintained more than 11,000 active service contracts, completed over 7,500 monthly service calls, sold more than 15,000 generators throughout its history, and had a rental fleet of 375 generators.
Andy Rudderham, CEO of Total Power, stated, “The growth we have experienced during the Trivest partnership has been nothing short of amazing and has culminated in this exciting new partnership with Audax. I would like to thank our loyal employees that show up every day ready to deliver amazing solutions for our customers’ complex PowerGen needs. Additionally, I would like to thank the entire team from Trivest. From their original investment in Total Power through the exit process, Trivest showed a steadfast commitment to investing in our company and people to help Total Power pursue its vision of becoming the leading provider of PowerGen solutions throughout North America.”
Jorge Gross, Managing Partner at Trivest, added, “Andy and the entire Total Power team worked tirelessly to establish the Company as the leading provider of PowerGen solutions in North America through the succesful integration of 8 add-on acquisitions and the acceleration of organic growth driven by the strategic investment in service resources and rental assets. The team’s efforts have created an exceptional business, and we are proud to have had the opportunity to partner with them.”
“The Total Power team successfully executed on every aspect of Trivest’s Path to 3x value creation program to establish the Company as the clear leader in a highly fragmented market experiencing secular tailwinds driven by increasing grid instability and enhanced focus on power reliability. We thank them for their dedication to creating a great outcome for all involved, and we look forward to watching Total Power’s continued growth,” said Frank Hapak, Principal at Trivest.
Stephens served as the exclusive financial advisor and Blake, Cassels & Graydon LLP served as legal advisor to both Total Power and Trivest Partners. Guggenheim Securities, LLC served as financial advisor to Audax and Stikeman Elliott LLP and Kirkland and Ellis LLP served as legal counsel to Audax.
About TOTAL POWERGEN SOLUTIONS
Total PowerGen Solutions is a provider of power generation solutions that has been in business since 1959. Now operating across North America, Total Power provides a full complement of maintenance and repair services, rentals, and equipment sales for standby, mobile and prime power generator systems and other power quality and continuity equipment ranging from 10kW to 2,000kW and beyond. Visit www.tpgs.ca to learn more.
About Trivest
Trivest Partners, headquartered in Miami, with a presence in Charlotte, Chicago, Denver, Los Angeles, New York, and Toronto, is a private investment firm that focuses exclusively on the support and growth of founder-led and family-owned businesses. The Firm has multiple dedicated investment approaches, including both majority and minority flexibility for founders.
