Audax Group has acquired MIRATECH, a provider of emissions equipment for industrial engines. As part of this transaction, Audax’s existing portfolio company, Phillips & Temro Industries, will spin off its Silencing Division and simultaneously merged it with MIRATECH to form MIRATECH Group.
“The combination of MIRATECH and PTI’s silencing division allows the combined business to offer a full spectrum of emissions and noise control solutions, while continuing to offer best-in-class products and service to their respective customers,” said Geoffrey Rehnert, Co-CEO of Audax Group. “We are looking forward to backing Kevin O’Sullivan, CEO of MIRATECH Group, and his team as they grow the business organically and through strategic add-on acquisitions.”
MIRATECH is a provider of emissions solutions for industrial engines. The company’s product suite includes catalysts, housings, silencers, control and monitoring systems and other related services. MIRATECH specializes in high specification solutions sold primarily to engine packagers, engine dealers, engineer procure and construct contractors and end users. The company was founded in 1992 and is headquartered in Tulsa (www.miratechcorp.com).
The Phillips & Temro Industries’ Silencing Division designs and manufactures silencers and exhaust system components for a variety of industrial engine applications through two brands of silencing products: EM Products and Cowl. The company serves manufacturers and distributors in various markets including power generation, off-highway, industrial mobile equipment, commercial marine and gas compression. The division has operations in Minnesota and Winnipeg (www.phillipsandtemro.com).
“Combining these teams gives MIRATECH Group strong expertise in both technology and manufacturing. This larger platform provides a distinct competitive position with the resources to innovate, develop and grow in the global industrial engine space. Our goal is to be a leading provider of engineered emission and noise attenuation solutions within the North American large format industrial engine market. In addition, we are pleased to be working with Audax Private Equity to build the business through organic growth and acquisitions,” said Kevin O’Sullivan, President and CEO of MIRATECH Group.
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. Audax has over $5 billion in assets under management in its private equity, mezzanine, and senior debt businesses. The firm was founded in 1999 and has offices in Boston and New York (www.audaxgroup.com).
Lincoln International advised MIRATECH. Medley Capital, Stellus Capital, and Bank of Oklahoma provided financing to support the transaction.
© 2014 PEPD • Private Equity’s Leading News Magazine • 5-16-14
