Aggreko files for US IPO as data center boom drives profitability surge

Aggreko, the UK-based temporary power and temperature control giant, has filed for a US initial public offering. The company returned to profitability under private equity ownership, fueled largely by an unexpected tailwind: the insatiable electricity appetite of data centers.

TDR Capital and I Squared Capital took Aggreko private in 2021 for roughly £2.3 billion to £2.6 billion, or about $3.2 billion to $3.4 billion at the time. The potential IPO valuation now sits somewhere between $12 billion and $20 billion.

The numbers behind the comeback

Aggreko posted approximately $3.4 billion in revenue for 2025, a 20% jump from the prior year. EBITDA hit around $1.3 billion, growing at a 19% annual clip.

The standout story is the data center segment. That business generated $391 million in revenue last year, accounting for 11% of total sales. The data center segment has compounded at a 66% annual growth rate since 2021.

Goldman Sachs, JPMorgan, and Bank of America are leading the offering.

From London delisting to New York debut

Aggreko’s history reads like a case study in the private equity playbook. The company was publicly listed on the London Stock Exchange before TDR Capital and I Squared Capital acquired it five years ago. Taking it private gave the new owners room to restructure operations and reposition the business without the quarterly earnings pressure that comes with public markets.

The pivot worked. Aggreko shifted its focus toward integrated energy solutions, particularly for clients in emerging markets and the fast-growing data center vertical. The company provides temporary power generation, cooling systems, and energy services to industries ranging from mining and oil exploration to events and utilities.

Why the valuation range is so wide

The gap between $12 billion and $20 billion is significant, roughly the difference between a solid private equity exit and a blockbuster one.

At the midpoint of the valuation range, roughly $16 billion, Aggreko would be trading at approximately 12 times its 2025 EBITDA.

The competitive landscape adds another dimension. Aggreko operates alongside companies like Ashtead Group, United Rentals, and Caterpillar’s energy solutions division.

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