The Audax Group has exited TriMark USA after a near eight-year hold and, according to a source, will make 3x its money.
Warburg Pincus is the buyer. Financial terms weren’t announced.
The investment came from Audax’s second PE fund, which raised $700 million in 2005, the person said. Fund II is producing a 14 percent IRR, and a 1.72x multiple, according to alternative assets data provider Bison.
The firm’s third pool collected $1 billion in 2007, while Audax closed Fund IV at $1.25 billion in 2012. Fund III is generating a 13.6 percent net IRR and a 1.6x investment multiple as of Dec. 31, according to performance data from the CalPERS.
Performance data for Fund IV was not immediately available.
South Attleboro, Massachusetts-based TriMark provides equipment, supplies and design services for the food service industry. Audax invested in the company in 2006. TriMark, while it was owned by Audax, completed six add-ons and company revenues grew to more than $1 billion from $260 million, according to a statement.
The sale is the third time TriMark will be owned by a PE firm. Audax acquired TriMark from Bradford Equities Management, a White Plains, New York, buyout firm in November 2006.
Warburg, a New York PE firm, invests in multiple stages of a company’s life cycle. Sectors of focus include financial services, healthcare, energy and consumer. The investment is coming from Warburg’s 11th PE fund, which closed on $11.2 billion in 2013.
News of the TriMark sale was reported by peHUB earlier this month.
Christopher Burns, John Tibe and Alec Ellison of Jefferies, along with Wells Fargo, advised TriMark.
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