Aurora Capital Partners has acquired Anova, a global provider of Industrial Internet of Things (IIoT) solutions that help industrial and energy-related distributors remotely monitor and manage critical field assets. The deal adds a scaled, technology-enabled platform serving the industrial gas, propane, fuels, lubricants, and chemicals markets to Aurora’s portfolio as customers in these sectors accelerate adoption of data-driven tools to improve uptime, optimize replenishment, and reduce operating costs. Financial terms were not disclosed.
Founded to digitize industrial distribution supply chains, Anova combines proprietary hardware, managed connectivity services, and cloud software designed to deliver real-time visibility into the location, status, and condition of equipment such as tanks and related industrial assets. The company’s platform includes modules for forecasting, scheduling, routing, data analytics, and business intelligence, positioning it as both a telemetry provider and an operational decision-support system for distributors and manufacturers that manage large, dispersed fleets of assets.
Anova said it monitors more than 1.8 million assets for over 2,000 customers in more than 80 countries, highlighting the breadth of its installed base and the global nature of its end markets. The company also emphasized its multilingual support capabilities, noting it supports operations in 12 languages, and described itself as broadly deployed in remote telemetry with a universal communications network that includes satellite communications support.
Aurora framed the acquisition as an opportunity to invest in a mission-critical platform that sits at the intersection of industrial operations and digital transformation. The firm expects increasing demand for solutions that improve equipment reliability and enable smarter routing and inventory decisions, as customers seek productivity gains across complex supply chains. Aurora also indicated it intends to support Anova’s growth through continued product investment and expansion across geographies and end markets.
Anova’s management team will continue leading the business under Aurora’s ownership. The company said it expects the partnership to help accelerate customer adoption, product innovation, and international expansion, building on recent momentum. Aurora also signaled interest in pursuing add-on acquisitions to broaden Anova’s reach into additional applications and technologies, suggesting a platform expansion strategy beyond organic growth.
Aurora Capital Partners is a Los Angeles-based private equity firm with $6 billion in assets under management. Founded in 1991, the firm targets middle-market platforms with leading market positions and opportunities to build through growth initiatives alongside management teams.
Anova positions its technology as enabling “remote telemetry analytics and technology,” including monitoring of tank levels, pressures, and temperatures, as well as predictive maintenance. The company says its solutions support improved operational insight, efficiency, and customer experience for industrial distributors and manufacturers seeking to modernize logistics and service operations.
Support: The transaction was supported by a roster of financial and legal advisors on both sides. Baird served as financial advisor to Anova, and Willkie Farr & Gallagher acted as legal counsel. Aurora was advised by Houlihan Lokey as financial advisor and Gibson, Dunn & Crutcher as legal advisor. Golub Capital arranged the debt financing for the transaction.
KEY QUOTES:
“Anova is a unique business that is critical to the performance of its customers’ industrial assets. The Company’s advanced asset monitoring solutions and deep domain expertise provide critical insights and operational advantages to its customers. As more customers adopt data-driven solutions to optimize their operations, we believe there is significant opportunity to support Anova’s global growth.”
Randy Moser, Partner, Aurora Capital Partners
“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. Aurora’s experience in scaling technology-enabled industrial businesses and its commitment to investing for long-term growth make them Anova’s ideal partner as we look to accelerate customer adoption and product innovation as well as further our international expansion.”
Matthew Toone, CEO, Anova
“Our experience in Anova’s core markets positions us to differentially accelerate the Company’s growth. We are also excited to support Anova’s add-on acquisition program as we broaden the Company’s reach into new end markets, applications, and technologies.”
Bryant Yung, Managing Director, Aurora Capital Partners
