Phillips & Temro Industries (PTI), a portfolio company of Audax Private Equity, has completed the acquisition of Idle Free Systems, a provider of power units to the truck market. The acquisition of Idle Free Systems expands PTI’s presence in both the thermal systems and driver comfort market segments.
Idle Free provides idle elimination auxiliary power units (APU) for over-the-road, day cab, and work truck markets. The Idle Free electric APU offers drivers and fleet operators a flexible, cost-effective alternative to discretionary idling without compromising performance, cost savings or driver comfort while reducing emissions. The company is headquartered in Madison, WI (www.idlefreesystems.com).
Phillips & Temro Industries is a manufacturer of heating, cooling, and silencing products for diesel, gasoline, hybrid, and electric vehicle engines. With facilities in the United States, Canada, the United Kingdom, and China, PTI serves the heavy-duty truck, light-duty truck, power generation, off-road, automotive, and electric/hybrid vehicle end markets. The company is headquartered near Minneapolis in Eden Prairie, MN (www.phillipsandtemro.com).
“This acquisition is an outstanding fit for PTI. Idle Free Systems is a highly innovative provider of complete, year-round idle elimination solutions for heavy duty and work trucks. We look forward to working with the Idle Free Systems team to create further value for our customers,” said Butch Sumpter, CEO of PTI.
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).
2014 PEPD • Private Equity’s Leading News Magazine • 7-15-14