Phillips & Temro Industries, a portfolio company of Audax Group, has completed the acquisition of Arctic Fox from North River Capital. North River Capital acquired Arctic Fox in March 2012.
Arctic Fox is a designer and manufacturer of fuel and hydraulic fluid heating products and systems used in the oil and gas, heavy duty truck, off-highway equipment, power sports, and other industrial markets. Arctic Fox is based in Delano, MN (www.arctic-fox.com).
Phillips & Temro Industries (PTI) is a manufacturer of heating, cooling, and silencing products for diesel, gasoline, hybrid, and electric vehicle engines. The company serves the heavy-duty truck, light-duty truck, power generation, off-road, automotive, and electric/hybrid vehicle end markets. PTI has facilities in the United States, Canada, the United Kingdom, and China and is headquartered in Eden Prairie, MN (www.phillipsandtemro.com).
The acquisition of Arctic Fox expands PTI’s presence into fuel and hydraulic systems and the oil & gas and power sports end markets.
“PTI is a leading global supplier of niche heating products, systems and controls with an exceptional management team, growing end markets and a growing technology portfolio. The acquisition of Arctic Fox enhances PTI’s product offering and customer base into value added systems and the growing oil and gas markets,” said Don Bramley, Managing Director of Audax Group. “We will continue to grow the business in the high value-add engineered heating products, systems and controls categories with increased focus on analytical equipment, industrial, energy and other end markets.”
The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston and New York (www.audaxgroup.com).
The seller of Arctic Fox, North River Capital, is an investment vehicle for members of the Rifkin family and other former OmniSource executives. OmniSource, a processor and distributor of scrap and secondary metals, was acquired by Steel Dynamics in October 2007. North River Capital was founded in July 2008 and is based in Ft. Wayne, IN (www.northrivercapital.net).
© 2013 PEPD • Private Equity’s Leading News Magazine • 10-17-13
