Lower mid-market investor Audax Group has sold Arnold Magnetic Technologies Corporation to Compass Diversified Holdings. Headquartered in Rochester, New York, Arnold is a global manufacturer of engineered, magnetic products for aerospace, military, alternative energy, and industrial applications.
Audax Group has completed the sale of Arnold Magnetic Technologies Corporation (“Arnold”) to Compass Diversified Holdings CODI +0.02% . Headquartered in Rochester, New York, Arnold is a leading global manufacturer of engineered, mission-critical magnetic products for aerospace, military, alternative energy, and industrial applications. Arnold serves over 2,000 customers from ten facilities throughout the United States, the United Kingdom, Switzerland, and China. Audax, together with management, acquired Arnold in January 2005 as a corporate carve-out. The February 2007 add-on acquisition of the Precision Magnetics Group and subsequent launch of a joint venture with a raw materials partner in China augmented the Company’s position as a global leader in rare earth magnet production.
Geoffrey S. Rehnert, Co-CEO of Audax Group, said: “Tim Wilson and his team have done an extraordinary job working with us to build Arnold into a global platform through an add-on acquisition and transformative organic growth initiatives. We wish Tim and his team continued success.”
Tim Wilson, President and CEO of Arnold, said: “Audax Group was a great partner for us. Its experience with corporate carve-outs and proven track record growing middle-market companies on a global scale were key resources as we build Arnold into a leading player within our market.”
Houlihan Lokey, Inc. advised Arnold. Kirkland & Ellis LLP served as counsel to Arnold.
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. For more information visit the Audax Group website www.audaxgroup.com .
SOURCE: Audax Group