Aurora Capital Partners acquires Anova

Aurora Capital Partners, a private equity firm focused on middle-market investments, has acquired Anova, a company specializing in industrial Internet of Things (IIoT) solutions. The financial details of the acquisition have not been disclosed. Anova provides remote monitoring and management solutions for industrial assets across sectors such as industrial gases, propane, fuels, lubricants, and chemicals.

Anova's offerings include proprietary hardware and a software platform that facilitates forecasting, scheduling, routing, data analytics, and business intelligence. The company monitors over 1.8 million assets for more than 2,000 customers across 80 countries. This acquisition marks a significant step for Aurora Capital Partners in enhancing its portfolio with a technology-driven company that brings substantial operational benefits to its clients.

Aurora Capital views Anova's advanced asset monitoring solutions as instrumental in optimizing clients' operations by reducing costs and increasing equipment reliability. Randy Moser, partner at Aurora, emphasized the critical role Anova plays for its customers, stating that as the adoption of data-driven solutions rises, Anova is well-positioned for substantial growth. Anova's management is equally optimistic, noting Aurora's expertise in scaling technology-driven businesses and expressing confidence in further expanding their customer base and product range.

In the broader IIoT market, the acquisition signifies a continued trend of strategic investments aimed at harnessing data analytics and connectivity services. Anova's offerings underscore the increasing demand for robust IIoT solutions that enable companies to operate more efficiently. Aurora’s acquisition also reveals a focus on expanding Anova’s presence in new markets and technologies, potentially accelerating innovation in the sector.

Future steps for Anova include exploring universal tank monitoring and expanding its international footprint, as indicated by recent ventures into Brazil. Aurora plans to support Anova's growth through additional acquisitions and technological advancements. The deal involved financial advisement from Baird for Anova, with Willkie Farr & Gallagher LLP providing legal counsel. Aurora was advised by Houlihan Lokey, with legal services from Gibson, Dunn & Crutcher LLP, while Golub Capital arranged the debt financing for the transaction.