Aurora Capital Acquires Anova in IIoT Sector Deal

Aurora Capital Partners has finalized its acquisition of Anova, a significant move that strengthens the private equity firm's footprint in the Industrial Internet of Things (IIoT) space. This strategic transaction brings together Aurora's investment acumen with Anova's established expertise in remote asset monitoring for critical industrial markets, including industrial gases, propane, fuels, lubricants, and chemicals.

The deal, the financial specifics of which remain undisclosed, positions Anova for accelerated expansion. The company's comprehensive IIoT platform integrates proprietary hardware, managed connectivity, and cloud-based software. This technology suite provides vital insights into asset location, status, and condition, enabling clients to optimize operations, reduce expenditures, and enhance equipment dependability. Currently, Anova oversees more than 1.8 million assets for over 2,000 clients across more than 80 nations, underscoring its global reach and the increasing demand for data-driven industrial management.

Randy Moser, Partner at Aurora Capital Partners, highlighted the critical nature of Anova's offerings. "Anova is a unique business that is critical to the performance of its customers' industrial assets," Moser stated. He further emphasized the company's advanced solutions and deep domain knowledge as key differentiators. With the industrial sector increasingly embracing data analytics for operational efficiency, Aurora sees substantial potential to fuel Anova's international growth trajectory.

Matthew Toone, CEO of Anova, expressed enthusiasm for the partnership. "We are thrilled to partner with Aurora as we continue to build on the significant growth and momentum that our team has achieved over the last several years," Toone commented. He pointed to Aurora's proven track record in scaling technology-enabled industrial businesses and its dedication to long-term investment as aligning perfectly with Anova's objectives for product innovation, customer acquisition, and global market penetration.

Bryant Yung, Managing Director at Aurora Capital Partners, noted the firm's strategic advantage. "Our experience in Anova's core markets positions us to differentially accelerate the Company's growth," Yung remarked. He also indicated that Aurora plans to support Anova's strategic add-on acquisition initiatives, aiming to broaden the company's market presence into new sectors, applications, and technological domains. This approach is consistent with the broader trend of consolidation within the IIoT sector, where companies are seeking to expand their service portfolios and geographic reach.

The transaction saw Baird serving as financial advisor to Anova, with Willkie Farr & Gallagher LLP providing legal counsel. Houlihan Lokey acted as financial advisor for Aurora Capital Partners, supported by legal advice from Gibson, Dunn & Crutcher LLP. Golub Capital was instrumental in arranging the debt financing for the acquisition, underscoring the robust financial backing for this strategic expansion.