On June 18, 2025, Morgan Stanley Capital Partners (MSCP), the middle-market private equity arm of Morgan Stanley, has completed the acquisition of Thermogenics Inc., a Canadian provider of industrial and commercial boiler service and maintenance solutions, from Audax Private Equity. The transaction value was not disclosed. Thermogenics, under Audax’s ownership, benefited from the firm’s Strategic Resources Group, expansive sourcing capabilities, and experienced investment team, which collectively enabled significant growth. CEO Ross Garland credited Audax’s support in preparing the company for its next growth chapter with MSCP. Legal counsel for MSCP was provided by Debevoise & Plimpton LLP. Audax and Thermogenics were financially advised by Solomon Partners and KeyBanc Capital Markets, while Kirkland & Ellis LLP served as their legal advisor.