GenNx360 Capital Partners Announces Shenandoah’s Acquisition of Nu-Pipe

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NEW YORK--(BUSINESS WIRE)--Sep 9, 2025--

GenNx360 Capital Partners (“GenNx360”), a New York-based private equity firm focused on investing in middle-market industrial and business services companies, today announced that its portfolio company, Shenandoah, has acquired Nu-Pipe LLC, a provider of pipe rehabilitation in the Southeast. The acquisition of Nu-Pipe represents Shenandoah’s second acquisition since GenNx360 acquired the platform in September 2024.

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Shenandoah, based in Boca Raton, Florida, is a provider of underground infrastructure services. Its core capabilities include sanitary and stormwater pipe cleaning, inspection, and rehabilitation services. The company serves a mix of public and private customers across Florida, Texas, Arizona, New Mexico, and Colorado.

Nu-Pipe is a key player in the Southeast region of the U.S., with locations in North Carolina, South Carolina, and Florida. The company specializes in trenchless pipe rehabilitation using spin casting (“SAPL”) and cured-in-place-pipe (“CIPP”) technology as well as injection grouting. These solutions increase infrastructure integrity in a manner that is often quicker and more cost effective than traditional dig-and-replace repairs.

Nu-Pipe’s Founder and CEO, Ashby Johnson, will stay with the combined business as Shenandoah’s President of Solution Technologies. In this capacity, Ashby will oversee Shenandoah’s CIPP, SAPL, Grout, and Specialty divisions across the U.S.

“We are excited to partner with Nu-Pipe, whose experience and strong reputation in pipe rehabilitation will bolster our current capabilities. Nu-Pipe’s expertise in SAPL, in particular, will be a capability expansion for Shenandoah, and is something that we are excited to be able to offer our customers,” said Anthony Guglielmi, CEO of Shenandoah. “We believe that Ashby will be a great addition to our team. His success in building Nu-Pipe and his commitment to his customers are a testament to his strength as a leader.”

“Both Shenandoah and Nu-Pipe have a similar culture and commitment to our employees and customers. I am excited for Nu-Pipe to become a part of a larger organization and for my role in Shenandoah going forward. The partnership will better enable us to serve our customers and expand our reach,” said Ashby Johnson, Founder and CEO of Nu-Pipe.

“Shenandoah’s acquisition of Nu-Pipe represents an important addition to the platform, giving the company greater scale and depth across the U.S.,” said Pratik Rajeevan, Principal at GenNx360 Capital Partners and lead on the investment. “We have been impressed by Ashby and are looking forward to continuing to execute upon the Shenandoah growth strategy in partnership with him.”

In addition to Pratik Rajeevan, GenNx360’s Shenandoah team includes Monty Yort, Managing Partner; Latasha Akoma, Operating Partner; and Miles Oliver, Associate.

Winston & Strawn served as legal counsel to Shenandoah and GenNx360.

About Shenandoah

Shenandoah is a Florida-based provider of underground infrastructure services. Shenandoah’s primary capabilities include sanitary and stormwater pipe cleaning, inspection, and pipe rehabilitation services. The company is headquartered in Boca Raton, Florida and serves public and private customers across the U.S. https://shenandoahus.com/

About GenNx360 Capital Partners

GenNx360 Capital Partners is a private equity firm focused on acquiring middle market industrial and business services companies. GenNx360 invests in companies with proven and sustainable business models in expanding industries, with the objective of implementing value-enhancing operational improvements to accelerate growth, deliver efficiencies and generate strong financial returns. Target industries include industrial machinery and components, business & industrial services, automation & industrial technology, packaging products, equipment services, environmental services, and food ingredients/equipment/services. GenNx360 was founded in 2006 and is headquartered in New York City. https://www.gennx360.com/

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CONTACT: For media inquiries about this press release, please contact:

Carmen Rojas, Director of Investor Relations

GenNx360 Capital Partners

Email:[email protected]

Tel: 212-257-6772

KEYWORD: UNITED STATES NORTH AMERICA FLORIDA NEW YORK

INDUSTRY KEYWORD: FINANCE OTHER CONSTRUCTION & PROPERTY PROFESSIONAL SERVICES COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY

SOURCE: GenNx360 Capital Partners

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PUB: 09/09/2025 10:08 AM/DISC: 09/09/2025 10:07 AM

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