Audax Group said Friday it acquired TPC Wire & Cable Corp. The seller was Pfingsten Partners. Financial terms weren’t announced. Macedonia, Ohio-based TPC produces high performance, ruggedized wire, cable, and connectors used in harsh industrial applications. BB&T Capital Markets advised TPC Wire & Cable. Madison Capital, CIT Capital, NXT Capital, and PNC Mezzanine provided financing.
BOSTON–(BUSINESS WIRE)–Audax Group announced that it has partnered with management to acquire TPC Wire & Cable Corp. (“TPC”) from Chicago based private equity group, Pfingsten Partners. Headquartered in Macedonia, Ohio, TPC is a producer of high performance, ruggedized wire, cable, and connectors used in harsh industrial applications. Founded in 1978, TPC’s products serve a broad spectrum of industries including steel, utility, mining, automotive, food & beverage, government, oil & gas, nuclear, transportation and wood, pulp & paper markets. TPC’s products outperform and outlast ordinary cable and help reduce down time from lost production, replacement costs, maintenance, repair and administrative or regulatory challenges caused by failed wire, cables and connectors.
Geoffrey S. Rehnert, Co-CEO of Audax Group, said “TPC is a leading provider of branded wire, cable, and connectors for harsh applications with an unparalleled reputation for providing innovative products and exceptional service to their customers. We look forward to partnering with Steve Michalski and the rest of the TPC team to continue growing the business organically and through strategic add-on acquisitions.”
Steve Michalski, CEO of TPC Wire & Cable Corp., said “We are excited to have Audax as our new partner. Their track record of helping teams execute aggressive add-on acquisition strategies will supplement our growth initiatives and further enhance our ability to offer our customers premium products and service levels.”
BB&T Capital Markets advised TPC Wire & Cable. Kirkland & Ellis LLP served as counsel to Audax Group. Paul Hastings served as counsel to TPC Wire & Cable. Madison Capital, CIT Capital, NXT Capital, and PNC Mezzanine provided financing for the transaction.
ABOUT AUDAX GROUP
Audax Group, founded in 1999, is a leading investor in lower-middle market companies. With offices in Boston, New York and Menlo Park, Audax has over $6 billion in assets under management in its Private Equity, Mezzanine, and Senior Debt businesses. For more information visit the Audax Group website www.audaxgroup.com.