TDR and I Squared Move Forward with Aggreko IPO Plans
TDR Capital and I Squared Capital have appointed banks to prepare for a potential $15bn US initial public offering of Aggreko, with the share sale possibly occurring as soon as the second half of 2026, according to a report by Private Equity Wire citing people familiar with the matter.
Banks Involved in the IPO
Goldman Sachs, JPMorgan, and Bank of America are advising on the planned IPO, which could value Aggreko at around $15bn, though deliberations are ongoing and details may change. Additional banks may join the syndicate later, as noted in the same report by Private Equity Wire.
Background on Aggreko’s Operations and Acquisition
Aggreko provides temporary power, heating, and cooling equipment to markets including data centres and large-scale events, with applications such as backup power generation and major sports events. TDR Capital and I Squared Capital acquired the company in a £2.6bn take-private transaction in 2021, and Aggreko now employs more than 6,900 people across over 60 global locations.
Market Context for the Potential Listing
A US listing for Aggreko would align with a trend of UK-headquartered companies seeking deeper capital pools in the US, while the IPO pipeline for industrials businesses remains active despite market volatility. US IPO activity has exceeded $20bn year-to-date, more than double the level from the same period last year, according to Private Equity Wire’s report.
