Mid-market investor Audax Group has sold Nivel Holdings to Kelso & Company. Headquartered in Jacksonville, Florida, Nivel is a distributor of golf car aftermarket parts and accessories.
Audax Group announced it has completed the sale of Nivel Holdings, LLC (“Nivel”) to Kelso & Company. Headquartered in Jacksonville, Florida, Nivel is a leading value-added distributor of golf car aftermarket parts and accessories. Nivel supplies dealers worldwide with over 9,000 SKUs across 11 product categories, with 98% of orders shipped for same day delivery. Audax acquired Nivel in October 2007 and subsequently sourced and integrated nine add-on acquisitions, building the company into a complete source for commercial customers and consumers alike.
Geoffrey S. Rehnert, Co-CEO of Audax Group, said “Bill Bugg and his management team did a terrific job working with us to build the company organically and through add-on acquisitions. By increasing product depth and breadth, Nivel was able to deliver exceptional value to its customers. We wish Bill and his team continued success.”
William Bugg, CEO of Nivel, said “The combined effort of our management team and employees was critical in achieving this successful result. Audax Group was a great partner for us; their experience sourcing and integrating add-on acquisitions and executing operational improvements was key as we solidified Nivel’s position as a market leader within our end markets.”
Houlihan Lokey, Inc. represented Nivel. Kirkland & Ellis LLP advised Audax Group.
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.