Audax Group, the Massachusetts-based private equity firm, completed its acquisition of Temro Industries, the Minnesota-based maker of heating and cooling products for engines. Goldman Sachs advised the seller; Kirkland & Ellis LLP served as advisor to the buyer. Debt was provided for the deal by GE Antares and Chase Capital.
Audax Group announced it has completed the acquisition of Phillips & Temro Industries (“PTI”). Headquartered in Eden Prairie, Minnesota, PTI is a manufacturer of heating, cooling, and silencing products for diesel, gasoline, hybrid, and electric vehicle engines. With facilities in the United States, Canada, the United Kingdom, and China, PTI serves the heavy-duty truck, light-duty truck, power generation, off-road, automotive, and electric/hybrid vehicle end markets.
“We are excited to have Audax Group as our new partner as we embark on our next stage growth. Their operational expertise and experience working with middle-market companies to expand globally will be valuable assets as we continue to grow our business.”
Geoffrey S. Rehnert, Co-CEO of Audax Group, said “PTI is a leading global supplier of niche products with an exceptional management team and growing end markets. We look forward to working with Butch Sumpter and his team to build PTI into a leading global thermal management platform through add-on acquisitions, organic growth, and building out the EV/hybrid product line.”
Butch Sumpter, President and CEO of PTI, said “We are excited to have Audax Group as our new partner as we embark on our next stage growth. Their operational expertise and experience working with middle-market companies to expand globally will be valuable assets as we continue to grow our business.”
Goldman Sachs & Co. advised PTI. Kirkland & Ellis LLP served as counsel to Audax Group. GE Antares provided senior debt financing and Chase Capital provided junior debt financing to support the transaction.
ABOUT AUDAX GROUP
Audax Group, founded in 1999, is a leading investor in lower-middle market companies. With offices in Boston and New York, Audax has raised in excess of $5.0 billion of equity, mezzanine debt, and senior loan capital.