Private equity owners TDR Capital and I Squared are targeting a $12 billion valuation for power supplier Aggreko through either a US stock market listing or strategic stake sale. The temporary power generation company was acquired five years ago for £2.3 billion in a leveraged buyout that valued the Scottish firm at approximately $2.9 billion at the time.

Aggreko provides mobile power generation and temperature control solutions to industries ranging from oil and gas to major events and disaster relief. The company's fleet of rental generators serves customers in over 100 countries, making it a global leader in temporary power solutions. The timing of a potential exit comes as private equity firms increasingly look to monetize investments made during the pandemic-era market volatility.

The $12 billion valuation target represents a significant premium to the 2019 acquisition price, reflecting Aggreko's recovery and growth in the temporary power sector. This valuation would place Aggreko among the largest listings in the industrial services sector if the owners pursue an IPO route. The dual-track process of exploring both public markets and private sales provides flexibility in maximizing returns for the private equity backers.