CIT Group was the Joint Lead Arranger in a senior secured credit facility to back Audax Group’s September acquisition of Techniks Industries.
Techniks Industries was formed by the merger of NAP Gladu and Techniks in 2012. NAP Gladu manufacturers and services wood and metal cutting tools used in building materials and industrial end markets, and Techniks supplies tool holding and work holding products used in CNC machine applications for general industrial end markets. The company is based in Indianapolis (www.techniksusa.com).
“Techniks Industries is a recognized market leader in the fragmented cutting tools and tool holders market,” said Geoffrey Rehnert, Co-CEO of Audax Group. “We will be active in growing the business organically and through add-on acquisitions.”
“This transaction involving the acquisition of Techniks marks our 20th platform transaction with Audax Group since 2007,” said Jeff Kilrea, Group Head and Managing Director of CIT Sponsor Finance. “We value our long term sponsor relationships and are excited about the future opportunities as we continue to grow our relationship with Audax.”
CIT provides lending, leasing and other financial and advisory services to the small business and middle market sectors with a focus on specific industries, including: chemicals, commercial real estate, communications, energy, entertainment, gaming, healthcare, industrials, information services & technology, restaurants, retail, and sports & media (www.cit.com/corporatefinance). CIT is a bank holding company with more than $65 billion in assets. CIT was founded in 1908 and is based in New York (www.cit.com).
“CIT has been a reliable lender since our first financing with them in 2007. The firm’s expertise and experience in the sector is a true benefit to the clients they serve,” said Brian Doherty, Senior Vice President of Capital Markets at Audax 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 $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, New York, and Menlo Park (www.audaxgroup.com).
“The acquisition of Techniks is a great addition to Audax’s portfolio of growth companies. We’re pleased to put our deep experience in financing industrial businesses to work for Audax to help the company grow its platform,” said Jay Baldinelli, Managing Director, CIT Sponsor Finance.
© 2015 PEPD • Private Equity’s Leading News Magazine • 10-27-15
