Audax exits Astrodyne TDI

Audax Private Equity has sold Nashua, New Hampshire-based Astrodyne TDI, a maker of specialized power solutions for applications focused on the advanced medical, military, aerospace, and industrial markets. The buyer was Tinicum LP. No financial terms were disclosed. Kirkland & Ellis LLP served as legal adviser to Astrodyne TDI and Audax Private Equity while Lincoln International served as financial adviser to Astrodyne TDI.

PRESS RELEASE

(BUSINESS WIRE)–Audax Private Equity (“Audax”), has completed the sale of Astrodyne TDI (“Astrodyne” or the “Company”) to Tinicum, L.P. and affiliated investment partnerships managed by Tinicum Incorporated (“Tinicum”).

Founded in 1994, Astrodyne is a global developer and manufacturer of specialized power solutions for demanding applications focused in the advanced medical, military, aerospace, and industrial markets worldwide. The Company’s product lines include power supplies, EMI filters, and electronic control products. Astrodyne is headquartered in Nashua, NH with over 600 employees and operations in the U.S. and China.

Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said “The Astrodyne team transformed the business into a global developer and manufacturer with multiple complimentary product lines and abilities through organic growth and acquisition of strategic assets. We wish Jeff and his team continued success with their new partner.”

Jeff Beck, Chief Executive Officer, Astrodyne TDI, said “Audax has been instrumental in helping us to grow Astrodyne over the life of the partnership. Together we have successfully diversified our service offering, invested in our corporate infrastructure, and positioned the business to capitalize on continued future growth.”

Kirkland & Ellis LLP served as legal advisor to Astrodyne TDI and Audax Private Equity. Lincoln International served as financial advisor to Astrodyne TDI.

ABOUT AUDAX PRIVATE EQUITY
Since its founding in 1999, Audax Private Equity has been focused on building leading middle market companies. Audax has invested $4.5 billion in 109 platform and 631 add-on acquisitions. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. Audax Private Equity is an integral part of Audax Group, an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and San Francisco, Audax Group has $11.5 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses. For more information, visit the Audax Group website www.audaxgroup.com.

ABOUT ASTRODYNE TDI
Astrodyne TDI designs and manufactures innovative power solutions for demanding applications worldwide. The Company’s products include power supplies and EMI filters for industrial, semiconductor manufacturing, medical, consumer appliance, military, and aerospace markets. With over 50 years of power supply design experience, Astrodyne TDI is headquartered in Nashua, NH and has engineering and manufacturing centers in the U.S. and China. For more information, visit www.AstrodyneTDI.com.