Aggreko

Aggreko is a British energy-services company headquartered in Glasgow that supplies mobile and modular power, temperature-control equipment and related technical services. Its customers use the company when they need electricity, heating, cooling or other environmental-control capacity that is temporary, rapidly deployable, scalable or difficult to obtain from permanent infrastructure. The business serves industrial facilities, utilities, construction projects, mines, manufacturing plants, data centres, commercial properties, emergency-response operations and major sporting, cultural and public events. Aggreko’s offering is broader than equipment rental alone. Depending on the project, it can provide generation equipment, batteries, distribution systems, load banks, chillers, air conditioners, heaters, fuel-management systems, installation, monitoring, maintenance and on-site operation. The company supplies both short-duration systems and longer-term power projects. Short-term work is common in developed markets, where customers may need temporary capacity during maintenance, grid constraints, construction or events. Longer-term projects have historically been important in emerging markets, where temporary or transitional generation can support utilities, infrastructure and industrial operations. The company began in the Netherlands in 1962 and moved its base to Scotland in 1973. It was acquired by Christian Salvesen in 1984, demerged from that group and listed on the London Stock Exchange in 1997. During the following decades Aggreko expanded internationally and added capabilities in temperature control, large-scale power projects, battery storage and hybrid systems. Acquisitions included parts of General Electric Energy Rentals in 2006, Poit Energia in Latin America in 2012 and Younicos, a battery-storage company, in 2017. Aggreko has supplied temporary power and environmental-control services for prominent events, including the Beijing 2008 Olympic Games, the 2010 FIFA World Cup in South Africa, the London 2012 Olympic Games, the Glasgow 2014 Commonwealth Games, the Tokyo 2020 Olympic Games held in 2021, the Birmingham 2022 Commonwealth Games and COP26 in Glasgow. It became an Official Provider of Formula 1 in 2024. The company has also worked in utility support, mining, remote communities and renewable or hybrid-energy applications. Aggreko has responded to decarbonisation pressures by adding battery storage, hybrid systems, solar-supported solutions, hydrotreated vegetable oil-compatible equipment and other lower-emission technologies. In 2022 it established Aggreko Energy Transition Solutions in North America to develop, own and operate clean-energy and sustainable-infrastructure projects. The company was taken private in 2021 by an acquisition vehicle backed by TDR Capital and I Squared Capital, ending its London listing. It remains an active global provider of temporary power, temperature control and energy-transition services.

Aggreko was founded in the Netherlands in 1962 by Luc Koopmans. The business initially focused on mobile generation equipment and temporary electricity supply, a model suited to customers that needed capacity away from permanent power infrastructure. In 1973 it moved to Scotland, establishing the national base from which it later developed into an international company. In 1984 Aggreko was acquired by Christian Salvesen, a Scottish transport and logistics group. The company later became independent from that group through a demerger and joined the London Stock Exchange in 1997. Public-market ownership supported its expansion from a relatively focused rental operation into a broader provider of temporary power, distribution, temperature control and associated engineering services. Management changed several times in the early 2000s. Chief executive Chris Masters left in December 2001 and was succeeded by Phil Harrower, who had advanced within Aggreko from a junior sales role. Harrower died in a train collision in the United States in December 2002. Rupert Soames became chief executive in 2003 and led the company for approximately eleven years. In 2014 Aggreko announced Soames’s departure, and Chris Weston became chief executive in early 2015. The company expanded through acquisitions as well as organic growth. In December 2006 it acquired most of General Electric Energy Rentals’ activities, excluding those connected with large gas turbines, for approximately $212 million. In March 2012 it acquired all operations of Poit Energia, a power-generation-equipment supplier serving Latin America. In July 2017 Aggreko acquired battery-storage company Younicos for £40 million. The transaction supported a strategy of combining conventional generation with storage and other lower-emission technologies rather than relying exclusively on diesel generators. Aggreko also developed a significant event and infrastructure business. It supplied temporary power and temperature-control services for the Beijing 2008 Olympic Games, the 2010 FIFA World Cup in South Africa, the London 2012 Olympic Games and the Glasgow 2014 Commonwealth Games. It later supported the Tokyo Olympic Games held in 2021, Birmingham’s 2022 Commonwealth Games and the COP26 climate conference in Glasgow. Its broader customer base includes utilities, mines, industrial operators, construction companies, data centres, festivals and emergency-response organizations. Equipment and services have included generators, batteries, load banks, chillers, air conditioners, heaters and electrical distribution. In 2018 Aggreko announced a £33 million innovation programme for a new generation of power products. Its technology direction increasingly included battery storage, hybrid systems, solar-supported generation, hydrotreated vegetable oil-compatible equipment and other approaches intended to reduce fuel use and emissions. In September 2022 it created Aggreko Energy Transition Solutions in North America to develop, own and operate clean-energy and sustainable-infrastructure assets. In April 2021 Aggreko agreed to be acquired by Albion Acquisitions, an investment vehicle owned by TDR Capital and I Squared Capital. The transaction was reported at £2.3 billion and completed in August 2021, ending Aggreko’s period as a listed company. Blair Illingworth was appointed chief executive in November 2021. The company continues to operate as a private global energy-services business focused on temporary and modular power, temperature control, storage, hybrid systems and energy-transition projects.

1. 2024Formula 1 partnership

   Aggreko became an Official Provider of Formula 1.

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2. 2022Energy Transition Solutions launched

   Aggreko established a North American unit focused on clean-energy and sustainable-infrastructure projects.

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3. 2021Privatization and delisting

   Aggreko was acquired by an investment consortium backed by TDR Capital and I Squared Capital and left the London Stock Exchange.

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4. 2018Innovation programme announced

   The company announced a £33 million programme to develop its next generation of power products.

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5. 2017Younicos acquisition

   Aggreko acquired battery-storage company Younicos for £40 million.

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6. 2012Poit Energia acquisition

   Aggreko acquired the Latin American power-generation-equipment supplier’s operations.

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7. 2006General Electric Energy Rentals acquisition

   Aggreko acquired most of General Electric Energy Rentals’ activities, other than large-gas-turbine operations.

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8. 1997London Stock Exchange listing

   Aggreko demerged from Christian Salvesen and became publicly listed in London.

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9. 1984Acquired by Christian Salvesen

   The Scottish transport and logistics group acquired Aggreko.

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10. 1973Operations move to Scotland

    Aggreko moved its base to Scotland, which became the centre of its later international expansion.

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11. 1962Aggreko founded in the Netherlands

    Luc Koopmans founded the company to develop mobile generation and temporary energy-supply services.

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A global, project-oriented provider of rapidly deployable power, temperature control and transitional energy infrastructure for industrial, utility, infrastructure, event and emergency applications.

• Temporary PowerMobile generation and distribution

  Aggreko supplies mobile diesel and gas generator sets, electrical distribution, load banks, fuel-management support and site services. Systems can be configured for construction sites, industrial maintenance, utility support, emergency response, remote operations and major events. The company may provide only equipment or combine generation with installation, monitoring, operation and maintenance.

• Temperature ControlCooling, heating and environmental control

  The temperature-control portfolio includes chillers, air-conditioning systems, heaters and associated technical services. These assets are deployed for industrial processes, manufacturing, commercial buildings, data centres, infrastructure works, events and emergency situations in which permanent heating or cooling capacity is unavailable or insufficient.

• Battery Storage and Hybrid PowerEnergy storage and hybrid systems2017

  Battery systems can be deployed independently or combined with generators, solar and other power sources. They support load management, peak reduction, reserve capacity and temporary electricity supply while helping reduce fuel consumption and emissions compared with generation-only configurations.

• Energy Transition SolutionsClean energy infrastructure2022

  Aggreko Energy Transition Solutions develops, owns and operates clean-energy and sustainable-infrastructure projects in North America. The unit reflects the company’s effort to extend beyond conventional equipment rental into longer-term energy assets and lower-emission power systems.

• 2024Formula 1 Official Provider

  International

  Aggreko became an Official Provider of Formula 1, supporting the championship’s event and energy requirements.

  Outcome. Expanded the brand’s international motorsport presence.

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• 2022COP26 and Birmingham Commonwealth Games

  United Kingdom

  Aggreko supplied power for COP26 in Glasgow and the Birmingham Commonwealth Games. It also joined the Commonwealth Games Social Charter and appointed a social-value lead for community outreach in Birmingham.

  Outcome. Combined event-energy support with a local community programme.

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• 2021Tokyo Olympic Games

  Japan

  Aggreko supplied temporary power to more than 40 competition venues, the international broadcast centre and the athletes’ village.

  Outcome. Supported the postponed Tokyo Olympic Games held in 2021.

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• 2014Glasgow Commonwealth Games

  United Kingdom

  Aggreko supplied temporary power for the Glasgow Commonwealth Games.

  Outcome. Provided event power services in its Scottish home market.

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• 2012London Olympic Games

  United Kingdom

  Aggreko was the sole temporary-power supplier for the London 2012 Olympic Games.

  Outcome. Supported the Games with temporary electricity infrastructure.

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• 2010FIFA World Cup South Africa

  South Africa

  Aggreko provided temporary power for the FIFA World Cup in South Africa.

  Outcome. Supported tournament venues and related event operations.

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• 2008Beijing Olympic Games power and temperature control

  China

  Aggreko acted as the sole supplier of temporary power and temperature-control services for the Beijing Olympic Games.

  Outcome. Event power and environmental-control supply completed.

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• 2022Establish Energy Transition SolutionsStrategy

  Energy customers were increasingly seeking lower-emission generation and sustainable infrastructure in addition to conventional temporary power.

  What changed. Aggreko launched Aggreko Energy Transition Solutions in North America to develop, own and operate clean-energy and sustainable-infrastructure projects.

  Aftermath. The unit extended Aggreko’s role from equipment and services toward ownership and operation of energy-transition assets.

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• 2021Accept privatization by Albion AcquisitionsM&A

  After years as a London-listed company, Aggreko accepted a takeover proposal from an investment vehicle backed by TDR Capital and I Squared Capital.

  What changed. Aggreko agreed to the acquisition in April 2021; the transaction completed in August and the company was delisted.

  Aftermath. Aggreko became privately owned and continued operating its temporary power, temperature-control and energy-services businesses.

  Transaction value. £2.3 billion (Agreed April 2021; completed August 2021)

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• 2018Next-generation power innovation programmeStrategy

  Customers were seeking more efficient, flexible and lower-emission temporary energy systems.

  What changed. Aggreko announced a £33 million innovation programme for next-generation power products.

  Aftermath. The programme supported development of newer generation, storage and hybrid offerings.

  Programme commitment. £33 million (2018)

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• 2017Acquire YounicosM&A

  Aggreko wanted to add battery storage and reduce reliance on diesel-only temporary generation.

  What changed. The company acquired battery-storage specialist Younicos for £40 million.

  Aftermath. The acquisition supported Aggreko’s battery, hybrid-power and lower-emission strategy.

  Acquisition value. £40 million (July 2017)

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• 2006Acquire General Electric Energy Rentals activitiesM&A

  Aggreko sought to expand its rental fleet and international operating capabilities.

  What changed. It acquired General Electric Energy Rentals activities other than those related to large gas turbines for approximately $212 million.

  Aftermath. The transaction broadened Aggreko’s position in mobile and temporary generation.

  Acquisition value. Approximately $212 million (December 2006)

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• 2024Aggreko becomes Official Provider of Formula 1

  Aggreko became an Official Provider of Formula 1, extending its event-power and energy-services activity into the championship.

  Campaign
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• 2022Aggreko launches North American Energy Transition Solutions unit

  The new unit was established to develop, own and operate clean-energy and sustainable-infrastructure projects.

  Other
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• 2021Aggreko acquired by TDR Capital and I Squared Capital consortium

  Albion Acquisitions, backed by TDR Capital and I Squared Capital, agreed to acquire Aggreko in a transaction reported at £2.3 billion; the company subsequently left the London Stock Exchange.

  M&A
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• 2021Aggreko appointed Blair Illingworth as chief executive

  Aggreko appointed Blair Illingworth as its chief executive after the privatization transaction.

  Leadership change
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• 2021TDR Capital and I Squared Capital complete acquisition of Aggreko

  A consortium formed by TDR Capital and I Squared Capital completed the acquisition of Aggreko plc. Aggreko subsequently became privately owned and its public listing was cancelled. The transaction changed the ownership context for operating companies including Aggreko UK Limited.

  M&A
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• Aggreko promotes lower-emission and renewable power technologies

  Aggreko has expanded public product and sustainability communications around battery storage, hybrid generation, solar, gas, and other technologies intended to reduce fuel consumption and emissions in temporary and distributed-power applications.

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1. Aggreko
2. Aggreko official website
3. Aggreko company information and news
4. TDR Capital and I Squared Capital complete acquisition of Aggreko
5. Aggreko promotes lower-emission and renewable power technologies