Audax Private Equity has sold its portfolio company Astrodyne TDI to Tinicum. Audax acquired Astrodyne Corporation in April 2008 from American Capital Strategies.
Astrodyne TDI is a power electronics company that designs and manufactures specialty power supplies and electromagnetic interference (EMI) filters. EMI filters are passive electronic devices used to suppress conducted interference present on any power or signal line. These filters may be used to suppress the interference generated by the device itself as well as to suppress the interference generated by other equipment. Astrodyne’s products are used primarily in the semiconductor capital equipment, medical, aerospace, defense and general industrial end markets. The company was founded in 1994 and is headquartered in Nashua, NH with over 600 employees and operations in the US and China (www.astrodynetdi.com).
“Audax has been instrumental in helping us to grow Astrodyne over the life of the partnership,” said Jeff Beck, the Chief Executive Officer of Astrodyne. “Together we have successfully diversified our service offering, invested in our corporate infrastructure, and positioned the business to capitalize on continued future growth.”
“The Astrodyne team transformed the business into a global developer and manufacturer with multiple complimentary product lines and abilities through organic growth and acquisition of strategic assets. We wish Jeff and his team continued success with their new partner,” said Geoffrey Rehnert, Co-Chief Executive Officer, Audax Group.
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, New York and Menlo Park (www.audaxgroup.com).
With the acquisition of Astrodyne closed, Tinicum plans to build value in the company through organic expansion, growth through acquisitions and operational improvements.
Tinicum is a family office founded to manage the holdings of the Ruttenberg family and began managing outside capital in 1998. The firm makes control equity investments of $30 million to $150 million in public and privately held companies in a wide range of industries. Tinicum is currently investing out of Tinicum LP, a $1.6 billion fund which closed in 2012. Tinicum has offices in New York and San Francisco (www.tinicum.com).
Lincoln International was the financial advisor to Astrodyne TDI on this transaction.
© 2017 Private Equity Professional | November 29, 2017
