What Thermogenics does

Thermogenics is a North American boiler lifecycle solutions provider founded in 1975 in Aurora, Ontario. The company designs, manufactures, and services industrial and commercial boilers under its proprietary Thermocoil brand — a forced-circulation coil-tube design with intrinsically safe low water content, a 10:1 turndown ratio, 82%+ standard efficiency (up to 85%+ with economizer), and the ability to reach 0–100% steam output in five minutes. Complementary proprietary products include the Thermiser flue gas heat recovery unit (3–7% fuel savings), the Therm-O-Pac packaged deaerator, and a recently launched Biogas Enrichment System supporting renewable-fuel operation. Thermogenics holds an exclusive Ontario distributorship for Fulton Boilers and produces steam boilers up to 1,000 BHP, critical hot water boilers, hydronic condensing boilers, thermal fluid systems, electric boilers, and ST steam generators.

The company generates revenue through five streams: equipment sales (Thermocoil and Fulton product lines), 24/7 emergency boiler service and repair (billed per job, net-30), parts sales (OEM and non-OEM, shipped with net-30 terms), boiler rentals (150–500 BHP containerized units), and recurring maintenance plans (monthly, quarterly, or annual subscriptions). Pricing is custom-quoted per engagement; CAD and USD billing are both supported. The go-to-market is direct enterprise field sales supported by a 24/7 emergency dispatch line, with no e-commerce channel. Customers are concentrated in industrial manufacturing, healthcare/hospitals, food & beverage, and institutional/government verticals, served by factory-trained technicians dispatched from 10+ North American branches across Ontario, Alberta, British Columbia, Saskatchewan, and U.S. states including Ohio, Florida, North Carolina, Connecticut, Iowa, Arizona, and Nevada.

Thermogenics has executed a roll-up strategy under successive private equity sponsors — Ironbridge Equity Partners (2016), Audax Private Equity (2022), and Morgan Stanley Capital Partners (2025) — acquiring five regional boiler service companies between May 2024 and June 2026 (Matt Marshall & Co., High Desert Mechanical, Pyro Combustion & Controls, Union Boiler Company, and Prime Boiler Services). The company retains its Technician Collective Ownership Program (TCOP) to align field-talent incentives and offers all-makes-and-models service. In January 2026, Arif Quraishi was appointed CEO, succeeding Ross Garland who remained on the Board.

Name

Thermogenics

Legal name

Thermogenics Inc.

Website

https://thermogenicsboilers.com

Company type

Private

Founded year

1975

Operating status

Operating

Headcount range

251–500 employees

Short description

Thermogenics is a North American boiler lifecycle solutions provider founded in 1975, designing and manufacturing the proprietary Thermocoil coil-tube boiler and delivering 24/7 emergency repair, maintenance, parts, rentals, and equipment across 10+ locations serving industrial, healthcare, food & beverage, and institutional customers in Canada and the United States.

Ownership category

akta.pro rank

Product category

Industrial Boiler Manufacturing and Services

NAICS

Power Boiler and Heat Exchanger Manufacturing (33241), Heating Equipment (except Warm Air Furnaces) Manufacturing (333414)

SIC

Heating Equipment, Except Electric & Warm Air Furnaces (3433), Fabricated Plate Work (Boiler Shops) (3443)

akta.pro primary industry

Boilers, Furnaces & Process Heating Equipment (IMAHAKAD)

akta.pro secondary industries

Boiler & Hydronic Heating System Installation (HSAOAGAF), Boiler & Hydronic Heating Repair & Service (HSAOAHAG), Heat Transfer Equipment (Heat Exchangers, Boilers, Condensers) (IMAHAEAC), Commercial Water Heater & Boiler Service (HSAOACAJ)

Keywords

• Industrial boiler manufacturing
• Boiler service and repair
• Coil tube boilers
• Commercial heating systems
• Boiler maintenance services

Headquarters

HQ city

Aurora

HQ country

Canada

HQ region

North America

Offices16 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Boiler Services & Repair: 24/7 emergency repair, planned maintenance, boiler retubing, refractory repair, pump repair, combustion tuning, and safety checks. Billed per service call or quote, with labour, parts, and travel as separate line items.
2. Boiler Parts Sales: Sale of OEM and non-OEM boiler parts including pumps, gaskets, valves, controls, and trim. Parts are billed at shipment, with net-30 payment terms. Trucks are fully stocked for same-day installation.
3. Boiler Rentals: Containerized rental steam boiler solutions ranging from 150-500 BHP, including hot water and thermal fluid systems. Rental boilers available across North America for temporary capacity, unplanned shutdowns, or planned maintenance. Full installation and servicing included.
4. Boiler Products & Equipment Sales: Sale of Thermocoil steam boilers (up to 1000 BHP), critical hot water boilers, thermal fluid heating systems, ST steam generators, Fulton equipment (exclusive Ontario representative), and custom engineered systems. Products include ancillaries such as burners, economizers, condensate systems, and deaerators.
5. Maintenance Plans: Custom monthly, quarterly, or annual boiler maintenance service plans tailored to facility requirements. Designed to extend boiler lifespan, improve efficiency, and prevent costly unplanned downtime.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Thermogenics manufactures proprietary Thermocoil coil-tube steam boilers (up to 1000 BHP) and provides full boiler lifecycle services including 24/7 emergency repair, planned maintenance, parts, rentals, and new equipment sales. The company is both an OEM manufacturer and a service provider, serving industrial, commercial, healthcare, food & beverage, and institutional customers across North America through a network of 12+ locations and dedicated field service teams.

Product overview

Thermogenics is a boiler lifecycle solutions provider offering a unified portfolio of products and services for commercial and industrial boilers. The core product line centers on the proprietary Thermocoil coil tube boiler design, complemented by the exclusive Fulton boiler partnership. Products span steam boilers (up to 1000 BHP), critical hot water boilers, hydronic condensing boilers, thermal fluid heating systems, electric boilers, and ST Series steam generators, supported by ancillaries including the Thermiser heat recovery system, packaged condensate systems, and burner upgrades. Services include 24/7 emergency repair, preventive maintenance, annual inspections, boiler retubing, refractory repair, efficiency upgrades, and boiler rentals (150-500 HP). The company recently launched a Biogas Enrichment System for renewable energy integration. Thermogenics operates as a one-stop shop serving industrial, institutional, and commercial sectors across North America.

Differentiator

Problem solved

Functional benefit

Brands

• Thermocoil: Proprietary coil tube boiler product line known for reliability and longevity, featuring compact footprint and high efficiency.
• Thermiser
• Therm-O-Pac
• Therm-O-Pac
• TCOP

Products and services

• Biogas Enrichment System System enabling industrial boilers to operate using renewable biogas either independently (100% Biogas Firing) or blended with natural gas (Co-Burn Enrichment), supporting ESG and sustainability targets. For industrial customers in food & beverage and waste management sectors.
• Thermocoil Steam Boilers Proprietary coil tube steam boilers with capacities up to 1000 BHP / 9,809KW, featuring forced circulation water tube design, 10:1 turndown ratio, intrinsically safe low-water-content design, compact footprint, 82%+ standard efficiency, and rapid steam generation (0-100% in 5 minutes). For industrial and commercial facilities.
• Critical Hot Water Boilers Hot water boilers with capacity range of 2.51 – 20.08 mmBtu/hr (5,866 KW) for industrial and commercial heating applications.
• Hydronic Condensing Boilers Condensing boilers with capacity range of 399,000 – 12,000,000 BTU/HR for hydronic heating systems.
• Thermal Fluid Heating Systems Thermal fluid (hot oil) heating systems with 2.51 – 40.00 mmBtu/hr capacity, operating up to 85% efficiency with economizers.
• Engineered Systems Full custom engineered boiler systems tailored to specific industrial requirements, including burners, economizers, condensate systems, and deaerators.
• ST Series Steam Generators Steam generators with 40 BHP to 200 BHP output capacity.
• Fulton Electric Boilers Electric boilers in size range 1.2 – 100 BHP, distributed through Thermogenics' exclusive Ontario representative partnership with Fulton since 2011.
• Thermiser Heat Recovery System Flue gas heat recovery economizer preheating feedwater from waste flue gas, achieving 3-7% average fuel savings. Features double-wall insulation, segmented finned tubes, integral modulating damper, and ASME Section VIII pressure vessel construction.
• Therm-O-Pac Packaged Deaerator Packaged deaerator producing water with oxygen content below 0.005cc per litre, with capacities from 5,000 to 250,000 PPH. Reduces water chemistry costs and flash loss in steam systems.
• Packaged Condensate Systems Condensate return systems available from 30 to 1,200 US gallons capacity, supporting boiler room efficiency and water reuse.
• Burners Customizable burner solutions compatible with various boiler systems and fuel types, including natural gas and biogas configurations.
• Boiler Rentals Containerized rental steam boiler solutions ranging from 150-500 HP, including hot water and thermal fluid systems. Available across North America for temporary capacity, unplanned shutdowns, or planned maintenance. Full installation and servicing included.
• Boiler Services Comprehensive boiler lifecycle services including 24/7 emergency repair, planned maintenance, annual inspections, boiler retubing, refractory repair, pump repair, combustion tuning, piping, steam trap surveys, controls, efficiency upgrades, burner upgrades, boiler replacement, and installation. Available across all makes and models.
• Boiler Parts & Supplies Wide range of premium boiler parts including pumps, gaskets, valves, controls, and trim. OEM and non-OEM parts available with North America-wide delivery and fully stocked trucks for same-day installation. Net-30 payment terms.
• Boiler Maintenance Plans Custom preventative maintenance service plans tailored to facility requirements on monthly, quarterly, or annual cadence. Includes semi-annual safety and combustion checks, annual maintenance, and combustion tuning delivering 1-3% fuel savings.

Quantifiable outcome

• Combustion tuning yields 1-3% fuel savings
• +4 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered major and core.

• Prime Boiler ServicesmajorStrategic or Co-development Partner · 25 June 2026Thermogenics acquired Prime Boiler Services, a Red Deer, Alberta-based boiler service company, marking its formal expansion into Western Canada. The acquisition adds five strategic locations across Alberta, British Columbia, and Saskatchewan, along with a large cohort of trained technicians and 24/7 service capabilities. Prime Boiler will continue operating under its own name as part of the Thermogenics group of companies.
• Union Boiler Company Ltd.majorStrategic or Co-development Partner · 1 October 2025Thermogenics acquired Union Boiler Company Ltd., a Hamilton, Ontario-based mechanical contractor founded in 1966. Union Boiler specializes in boiler installation, maintenance, piping, natural gas line installations, welding and steel fabrication, heat exchanger repair and retubing, cooling tower replacement, HVAC, and combustion and controls service. Certified by TSSA and CWB. Joins Thermogenics as a member of the group of companies.
• Pyro Combustion & Controls Inc.majorStrategic or Co-development Partner · 1 September 2024Thermogenics acquired Pyro Combustion & Controls Inc., a Nevada-based boiler service company in Las Vegas, expanding its operations in the US Southwest. The acquisition enhances Thermogenics' service capabilities and regional presence in the Western United States, aligning with its growth strategy.
• High Desert MechanicalmajorStrategic or Co-development Partner · 1 August 2024Thermogenics acquired High Desert Mechanical in Apache Junction, Arizona, marking its first location in the Western United States. High Desert Mechanical has served Arizona's industrial and commercial sectors for over 20 years. The acquisition aims to enhance service offerings across North America by combining the strengths of both companies.
• Matt Marshall & Co.majorStrategic or Co-development Partner · 1 May 2024Thermogenics acquired Matt Marshall & Co., a boiler service company based in Greensboro, North Carolina. The acquisition expands Thermogenics' service capabilities in the US Southeast and enters the mid-Atlantic region, strengthening its operational footprint in the Eastern U.S. and continuing its growth in North American boiler solutions.
• FultoncoreTechnology or Integration · 1 January 2011Exclusive Fulton representative in Ontario, Canada since March 2011. Thermogenics distributes Fulton's full range of steam, hot water, and thermal fluid boilers alongside its own Thermocoil product line. Fulton has over 60 years of industry expertise. The partnership was deepened following 40+ years of intimate working relationship between the companies.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Cleaver-Brooks: One of the largest US-based manufacturers of commercial and industrial boilers offering full lifecycle solutions including equipment, parts, service, and rentals. Closely matches Thermogenics' combination of OEM manufacturing and 24/7 field service across North America.
• Miura America Co., Ltd. Manufacturer of modular on-demand steam boilers with focus on efficiency and compact footprint. Comparable to Thermogenics in targeting efficiency-conscious industrial and commercial customers with rapid-startup boiler technology and recurring service revenue.
• Hurst Boiler & Welding Co., Inc. Manufacturer of industrial boilers (fire-tube, water-tube, biomass) serving commercial and industrial customers globally. Similar mid-sized private OEM profile with a focus on custom-engineered boiler solutions for industrial process heat applications.
• Clayton Industries: Manufacturer of industrial steam boilers and waste heat recovery systems with established service network across North America. Comparable in offering coil-type boiler technology, parts, and field service for industrial customers.
• Superior Boiler Works, Inc. Manufacturer of commercial and industrial boilers including fire-tube, water-tube, and heat recovery units. Similar mid-sized private OEM serving overlapping end markets including healthcare, food processing, and industrial facilities.
• Burnham Commercial (a Burnham Holdings brand): Commercial boiler manufacturer producing cast iron, stainless steel, and fire-tube boilers for institutional and commercial applications. Comparable mid-market OEM serving similar institutional customers and overlapping product categories.
• Victory Energy Operations, LLC: Manufacturer of industrial water-tube boilers, heat recovery steam generators, and biomass-fired boilers. Comparable mid-sized OEM serving industrial customers in food processing, chemical, and power sectors.
• Johnston Boiler Company: Manufacturer of industrial fire-tube boilers and heat recovery equipment serving commercial and industrial markets. Similar mid-sized private OEM profile with comparable product breadth and customer base in industrial process steam.

Broad incumbents

• Babcock & Wilcox Enterprises, Inc. Large publicly-traded industrial boiler and steam generation company with focus on utility-scale and environmental systems. Operates broadly in steam generation with broader scale and product portfolio than Thermogenics' mid-market industrial focus.
• Spirax-Sarco Engineering plc: Global specialist in steam and thermal energy solutions including steam traps, pumps, and boiler control systems. Broader geographic and product footprint but comparable in serving industrial steam customers with efficiency-focused solutions and recurring service.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@thermogenicsboilers
• LinkedInca.linkedin.com/company/thermogenics
• Xx.com/ThermogenicsInc

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Thermogenics