Key Takeaways
- • TDR Capital and I Squared Capital have appointed Goldman Sachs, JPMorgan, and Bank of America to lead banking syndicate for a potential $15bn US IPO of Aggreko, with listing potentially occurring in H2 2026.
- • Aggreko, a Glasgow-based temporary power, heating, and cooling equipment provider, was acquired by the PE sponsors in a £2.6bn take-private transaction in 2021 and has since achieved profitability with LTM revenues of approximately $3.2bn and positive EBITDA.
- • The proposed IPO represents a late-stage private equity exit strategy, positioning Aggreko to access deeper US capital pools rather than pursuing a UK listing, reflecting broader trend of UK-headquartered industrials companies listing in the United States.
- • Aggreko serves diversified end markets including data centers, large-scale events, and backup power generation, employing over 6,900 people across 60+ global locations, with strong operational scale supporting the $15bn valuation framework.
- • US IPO activity year-to-date has exceeded $20bn, more than double the prior-year comparable period, indicating a significant reopening of equity capital markets that creates favorable conditions for the planned offering.
Summary
TDR Capital and I Squared Capital have selected a leading banking syndicate to execute a potential $15bn US initial public offering of Aggreko Plc, one of the world's largest temporary power and climate control equipment rental providers. Goldman Sachs, JPMorgan, and Bank of America have been appointed as lead advisors, with the transaction potentially proceeding as soon as the second half of 2026, according to reports citing sources familiar with the matter. Additional banks may be added to the syndicate as the process advances.
The Glasgow-based company was taken private by TDR Capital and I Squared Capital in 2021 for £2.6bn, representing a classic private equity acquisition targeting operational improvement and eventual public market exit. Since the acquisition, Aggreko has achieved profitability, reporting trailing twelve-month revenues of approximately $3.2bn with positive EBITDA generation. The business operates across more than 60 global locations with a workforce exceeding 6,900 employees, providing temporary power generation, heating, and cooling solutions to diversified customer bases including data center operators and major event organizers.
A US listing would position Aggreko among a growing cohort of UK-headquartered industrial companies electing to pursue New York flotations rather than London listings, a strategic choice driven by access to deeper and more liquid capital pools. The timing aligns favorably with significantly improved IPO market conditions, as US equity capital markets have reopened following a subdued period. Year-to-date IPO activity has exceeded $20bn, representing more than a 100% increase compared to the equivalent 2025 period, indicating robust institutional investor appetite for quality industrial and infrastructure-related businesses.
The proposed offering exemplifies late-stage private equity leverage plays, whereby sponsors acquire established industrial platforms, implement operational improvements and cost discipline, and execute public market exits to realize returns. The $15bn valuation represents an exit multiple that reflects both the company's scaled operations and the improved macroeconomic backdrop for industrials businesses supporting critical infrastructure and data center requirements.
The Glasgow-based company was taken private by TDR Capital and I Squared Capital in 2021 for £2.6bn, representing a classic private equity acquisition targeting operational improvement and eventual public market exit. Since the acquisition, Aggreko has achieved profitability, reporting trailing twelve-month revenues of approximately $3.2bn with positive EBITDA generation. The business operates across more than 60 global locations with a workforce exceeding 6,900 employees, providing temporary power generation, heating, and cooling solutions to diversified customer bases including data center operators and major event organizers.
A US listing would position Aggreko among a growing cohort of UK-headquartered industrial companies electing to pursue New York flotations rather than London listings, a strategic choice driven by access to deeper and more liquid capital pools. The timing aligns favorably with significantly improved IPO market conditions, as US equity capital markets have reopened following a subdued period. Year-to-date IPO activity has exceeded $20bn, representing more than a 100% increase compared to the equivalent 2025 period, indicating robust institutional investor appetite for quality industrial and infrastructure-related businesses.
The proposed offering exemplifies late-stage private equity leverage plays, whereby sponsors acquire established industrial platforms, implement operational improvements and cost discipline, and execute public market exits to realize returns. The $15bn valuation represents an exit multiple that reflects both the company's scaled operations and the improved macroeconomic backdrop for industrials businesses supporting critical infrastructure and data center requirements.
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