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.
