Audax Sells TriMark to Warburg Pincus
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Audax Sells TriMark to Warburg Pincus

trimark nf1Audax Group has completed the sale of TriMark USA, a supplier of foodservice equipment, to Warburg Pincus.  Audax acquired TriMark from Bradford Equities in November 2006.

TriMark USA is a provider of equipment and supplies to the restaurant, institutional, government, hospitality, entertainment, and other foodservice markets.  Products include kitchen equipment; kitchen supplies; dinnerware; glassware; flatware; bar equipment and supplies; buffet and catering; furniture; disposables; janitorials; and chemicals.  The company is headquartered in South Attleboro, MA (www.trimarkusa.com).

During the term of Audax’ ownership, TriMark completed six add-on acquisitions and revenue has grown from $260 to over $1 billion.  “Audax Group’s expertise in helping us execute our buy and build strategy was essential for growing TriMark into the largest player in the industry,” said Jerry Hyman, CEO of TriMark.

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 $6 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).

Geoffrey Rehnert nf3“Jerry and the TriMark team have done an exceptional job growing the company organically and through six acquisitions to create the clear leader in the industry and a company capable of serving both local markets and national accounts,” said Geoffrey Rehnert, Co-CEO of Audax Group.  “We wish TriMark continued success on the next leg of growth with its new partner.”

Warburg Pincus has more than $35 billion in assets under management and has raised 13 private equity funds which have invested more than $48 billion in approximately 700 companies in 35 countries. The firm was founded in 1966 and is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Port Louis, Mumbai, San Francisco, Sao Paulo and Shanghai (www.warburgpincus.com).

Jefferies & Company and Wells Fargo advised TriMark.  Ropes and Gray served as legal counsel to TriMark, and Kirkland and Ellis served as legal counsel for Warburg Pincus.

© 2014 PEPD • Private Equity’s Leading News Magazine • 8-26-14

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