Brazos Private Equity Partners, a Dallas-based investment firm, has exited its investment in Tri-Northern Holdings Inc., a distributor of electronic security products. The buyer was private equity firm Audax Group. Terms were not released. Tri-Northern is based in Woodbury, New York, and was formed by Brazos and management through the acquisition and subsequent merger of Tri-Ed Distribution and Northern Video Systems in 2010.
Brazos Private Equity Partners, LLC, a leading Dallas-based private investment firm, announced today the sale of Tri-Northern Holdings, Inc. (“Tri-Northern” or the “Company”), a leading independent distributor of electronic security products in North America, to Audax Group.
Headquartered in Woodbury, New York, Tri-Northern was formed by Brazos and management through the acquisition and subsequent merger of Tri-Ed Distribution and Northern Video Systems, Inc. in March 2010. The powerful combination of an extensive branch network and a knowledgeable technical sales operation positioned Tri-Northern as the only integrated hybrid distribution model in the electronic security product market. Brazos partnered with management to help expand both organically and through three add-on acquisitions during its ownership.
Randall Fojtasek, Co-Founding Partner and Co-CEO of Brazos, said: “We could not be more pleased with the success of Tri-Northern. We were initially attracted to Tri-Northern because of its exceptional management team and combined market position in the growing and fragmented electronic security product market. The business’ success is a result of successfully integrating the two businesses, resulting in significant synergies, expanding through organic growth, strategic acquisitions, extending product lines through new vendor relationships, and achieving operational excellence. The management team presided over this tremendous growth and we appreciate their exceptional performance.”
“We have greatly enjoyed working with Brazos,” said Steve Roth, CEO of Tri-Northern. “In two years we have grown Tri-Northern into the largest independent distributor of electronic security products in North America that will continue to provide value for our suppliers and end-customers.”
“We could not be more pleased,” said Pat Comunale, President and COO. “Over the past two years, we completed three acquisitions, opened several new branches and gained significant market share, all of which led to substantial growth, and positioned the Company for strong performance in the future.”
Brazos’ investment in Tri-Northern was completed out of its $715 million Brazos Equity Fund III.
About Brazos Private Equity Partners, LLC
Brazos Private Equity Partners is a Dallas-based private equity firm that manages approximately $1.4 billion of equity capital. Brazos focuses on investments in leading middle-market commercial and industrial, consumer, healthcare and business services companies, seeking to partner with outstanding management teams and/or families of closely-held businesses to maximize value. Brazos has been one of the most active middle-market private equity investment firms over the past decade, having completed over 60 acquisitions.