GenNx360 Capital Partners Announces GenServe’s Sixth Acquisition, LJ Power
Portfolio Company News - August 16, 2021
New York, New York. August 16, 2021 – GenNx360 Capital Partners (“GenNx360”) is pleased to announce GenServe’s acquisition of LJ Power, Inc. (“LJ Power” or the “Company”). GenServe is a portfolio company of GenNx360, a New York-based private equity firm investing in middle market business services and industrial companies.
GenServe is the largest independent provider of scheduled and emergency power generator maintenance, repair and sales in the North Atlantic region serving primarily commercial customers in various industries.
Based in Austin, Texas, LJ Power provides maintenance and repair services to generators and backup power solutions as well as generator and related equipment sales and rentals. The Company is a key player in the southeast and south-central generator market with nine locations across Texas and Florida and serves a diverse set of customers in the municipal and commercial end markets.
“The Company has an attractive mix of municipal and commercial customers and equipment, maintenance, and service revenue streams. We are excited to partner with LJ Power’s outstanding leadership team and continue our dynamic growth trajectory. GenServe’s field service staff will grow to 100 technicians across three regions and this increased scale and integrated team will provide new opportunities to serve and grow our customer base,” said Fred Smagorinsky, GenServe CEO.
“We are excited to partner with the GenServe team and leverage GenServe’s best-in-class reputation, operational expertise and industry experience to increase LJ Power’s market share in the southeast and south-central region,” said Larry Davis, President of LJ Power.
“We are very pleased about completing GenServe’s sixth strategic acquisition and remain highly focused on the continued execution of our buy-and-build strategy. The partnership with LJ Power provides a robust platform to support future add-on acquisitions and increase our presence in the south,” said Daphne Dufresne, GenServe Board member and Managing Partner at GenNx360.
GenServe is a leader in the sale, maintenance and repair of industrial generators and backup power solutions. The Company has the largest team of EGSA certified technicians in its core service area of Metro-NY, Long Island, New Jersey, and Eastern Pennsylvania. GenServe is a one-stop shop provider of comprehensive emergency power supply system solutions to protect companies against the high cost of power failure. For more information on GenServe Inc., please visit www.genserveinc.com
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on acquiring middle market business services and industrial companies. GenNx360 partners with companies having proven and sustainable business models in expanding industries with the objective of implementing and supporting value-enhancing organic and inorganic initiatives to accelerate growth, deliver cost efficiencies, and generate strong financial returns. Target industries include industrial machinery and components, logistics and supply chain solutions, industrial and environmental services, food and agricultural products and services, infrastructure equipment and services, specialty chemicals, packaging, and aerospace and defense. GenNx360 was founded in 2006 and is headquartered in New York City.
For more information on GenNx360 Capital Partners, please visit http://www.gennx360.com.
For media inquiries about this press release, please contact:
GenNx360 Capital Partners
Carmen Rojas, Director of Investor Relations
Tel: +1 212.257.6772