Morgan Stanley completed the acquisition of Thermogenics from Audax.

Morgan Stanley Capital Partners, a middle-market private equity platform, completed the acquisition of Thermogenics, a provider of industrial and commercial boiler service and maintenance solutions, from Audax Private Equity, a middle market investment firm. Financial terms were not disclosed. “When we initially partnered with Audax, the scale and depth of resources stood out. Now, in hindsight, the collaboration of their Strategic Resources Group, the breadth of Audax’ business development and sourcing function, and the deep experience of the investment team, each played a critical role in positioning Thermogenics to capitalize on the opportunity set in front of the business. We’re looking forward to building on this momentum and embarking on our next phase of growth with MSCP,” Ross Garland, Thermogenics CEO.