Aurora Capital Partners Acquires Anova, a Global Provider of IIoT Solutions

Aurora Capital Partners acquires Anova, a middle-market private equity firm’s acquisition of a global provider of Industrial Internet of Things solutions serving the industrial gas, propane, fuels, lubricants and chemicals industries. Terms of the transaction were not disclosed.

Anova’s solutions monitor the location, status and condition of industrial equipment through proprietary hardware, managed connectivity services and a cloud-based software platform. The platform includes modules for forecasting, scheduling, routing, data analytics and business intelligence. The company’s technology helps customers manage assets more efficiently, reduce costs and improve equipment reliability. Anova monitors more than 1.8 million assets for more than 2,000 customers in over 80 countries.

“Anova is a unique business that is critical to the performance of its customers’ industrial assets,” said Randy Moser, a partner at Aurora Capital Partners. “The company’s advanced asset monitoring solutions and deep domain expertise provide valuable insights and operational advantages. As more customers adopt data-driven tools to optimize operations, we see significant opportunity to support Anova’s global growth.”

“We are thrilled to partner with Aurora as we build on the growth and momentum our team has achieved over the last several years,” said Matthew Toone, CEO of Anova. “Aurora’s experience scaling technology-enabled industrial businesses and its commitment to long-term investment make it an ideal partner as we accelerate customer adoption, product innovation and international expansion.”

“Our experience in Anova’s core markets positions us to accelerate the company’s growth,” said Bryant Yung, managing director at Aurora Capital Partners. “We are also excited to support Anova’s add-on acquisition strategy as it expands into new end markets, applications and technologies.”

Baird served as financial adviser to Anova, with Willkie Farr & Gallagher LLP acting as legal adviser. Houlihan Lokey served as financial adviser to Aurora Capital Partners, with Gibson, Dunn & Crutcher LLP serving as legal adviser. Golub Capital arranged the debt financing for the transaction.