Audax Strikes Elgin Deal

Boston-based private equity firm Audax Group completed its buy of the Elgin Equipment Group, an Illinois-based maker of material processing parts for coal, oil and gas applications. Specifics on the deal were not publicized. Lincoln International advised Elgin. Kirkland & Ellis LLP served as counsel to Audax Group. GE Antares Capital, Madison Capital Funding, and BMO Capital Markets led the senior debt financing and PNC Mezzanine led the subordinated debt financing to support the transaction.

PRESS RELEASE:

Audax Group Announces the Acquisition of Elgin Equipment Group
BOSTON- Audax Group announced it has completed the acquisition of Elgin Equipment Group, LLC (“Elgin”). Headquartered in Downers Grove, Illinois, Elgin is a manufacturer of material processing parts and equipment for coal and oil and gas applications. Core products include centrifuges (CMI), vibrating screens (Tabor Machine and Norris Screen), and cuttings dryers (CSI). Elgin also manufactures power distribution and electrical safety equipment for underground mining applications through its Mining Controls division.
Geoffrey S. Rehnert, Co-CEO of Audax Group, said “Elgin is a leading manufacturer of specialized processing equipment known for exceptional reliability and customer support. We look forward to working with David Hall and his management team to grow the company through expansion into new industry verticals and geographies, new product applications, and strategic add-on acquisitions.”
David Hall, CEO of Elgin, said “We are excited to have Audax Group as our new partner. Audax’ experience working with middle market companies to expand globally as well as source and integrate add-on acquisitions will be valuable as we grow our business.”
Lincoln International advised Elgin. Kirkland & Ellis LLP served as counsel to Audax Group. GE Antares Capital, Madison Capital Funding, and BMO Capital Markets led the senior debt financing and PNC Mezzanine led the subordinated 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 manages in excess of $4.8 billion of equity, mezzanine debt, and senior loan capital. For more information visit the Audax Group website www.audaxgroup.com.
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