“We are excited to have Audax Group as our new partner as we embark on our next stage growth,” said Alan Wong, CEO of Aavid. “Their experience working with middle market companies to source and integrate add-on acquisitions internationally will be an asset as we continue to build our business.”
Aavid is a designer and manufacturer of thermal management products such as heat sinks used to dissipate heat to prevent failure in a range of electronic and industrial systems. Sectors served include telecommunications, enterprise systems, transportation, power, consumer and other end markets. The company is based in Concord, NH (www.aavid.com).
“Aavid is a leading global provider of high-performance thermal management products. We look forward to working with Alan Wong and his team to grow the business geographically, through product line and end market expansion, and through strategic add-on acquisitions,” said Geoffrey Rehnert, Co-CEO of 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 and defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston, MA and New York, NY (www.audaxgroup.com).
“We are very fortunate to have partnered with an outstanding management team at Aavid,” said Doug Hill, Managing Director of Nautic. “During the last two years the company has experienced exceptional growth thanks to the efforts of the team, the high-quality of Aavid’s products, and the secular trend toward hotter, more-powerful electronics that demand Aavid’s engineered thermal solutions.”
Nautic Partners is a middle-market private equity firm with over $2.5 billion of equity capital under management. Nautic targets majority equity investments of $25 million to $75 million. Sectors of interest include business services, manufacturing, and healthcare. Nautic is currently investing its most recent fund, Nautic Partners VI, a $780 million fund which closed in June 2008. The firm was founded in 1986 and is located in Providence, RI (www.nautic.com).
“I’ve been very pleased to work with Nautic,” said Mr. Wong. “During Nautic’s ownership, Aavid expanded its position in its core industries, developed good positions in exciting new markets, and strengthened its market leadership. This is an excellent outcome for Aavid’s shareholders, customers and employees, and we look forward to continued success.”
GE Capital and RBS Citizens provided senior debt financing and funds managed by Oaktree Capital Management provided junior debt financing.
Edgeview Partners advised Aavid on this transaction. Kirkland & Ellis served as counsel to Audax Group.
© 2012 PEPD • Private Equity’s Leading News Magazine • 12-13-12