M&A Deal Summary

Audax Private Equity, Apogem Capital and PNC Mezzanine Capital Acquire Trexon

On May 14, 2015, private equity firm Audax Private Equity, asset manager Apogem Capital and mezzanine finance firm PNC Mezzanine Capital acquired electrical equipment company Trexon from Pfingsten Partners

Acquisition Highlights
  • This is Audax Private Equity’s 5th, Apogem Capital’s 3rd and PNC Mezzanine Capital’s 1st transaction in the Electrical Equipment sector.
  • This is Audax Private Equity’s 78th, Apogem Capital’s 44th and PNC Mezzanine Capital’s 46th transaction in the United States.
  • This is Audax Private Equity’s 4th, Apogem Capital’s 3rd and PNC Mezzanine Capital’s 4th transaction in Ohio.
Investment Fate
  • Trexon was sold to a strategic buyer in 2024.

M&A Deal Summary
Date 2015-05-14
Target Trexon
Sector Electrical Equipment
Buyer(s) Audax Private Equity
Apogem Capital
PNC Mezzanine Capital
Sellers(s) Pfingsten Partners
Deal Type Secondary Buyout
Advisor(s) BB&T Capital Markets (Financial)
Paul Hastings (Legal)

Target

Trexon

Macedonia, Ohio, United States
website
Trexon is a designer and specialty distributor of high performance, ruggedized wire, cable, connectors, and assembled products. TPC's highly engineered products transmit power and signal in critical applications such as robotic manufacturing systems and temporary power for auto plants, mines, factories, and other harsh industrial environments. Trexon was founded in 1979 and is based in Macedonia, Ohio.

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Buyer(S) 3

Buyer

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1999
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 80 of 153
Sector (Electrical Equipment) 5 of 6
Type (Secondary Buyout) 29 of 71
State (Ohio) 4 of 9
Country (United States) 78 of 145
Year (2015) 5 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-01 Nicoat

Bensenville, Illinois, United States

Nicoat is a leading developer and manufacturer of customized overprint coatings for graphic arts, flexible packaging, and other specialty coating applications. Nicoat was founded in 1982 and is based in Bensenville, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-24 Katena

Parsippany, New Jersey, United States

Katena is a provider of precision ophthalmic instruments and therapeutics to physician offices, hospitals, and surgical centers. Katena’s product offering includes precision surgical instruments, single-use devices, and specialty biologics that are sold into over 100 countries through a network of direct salespeople and distributors. Katena was founded in 1975 and is based in Parsippany, New Jersey.

Buy -
Buyer

Apogem Capital

Chicago, Illinois, United States

website

Category Asset Manager
Founded 2001
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apogem Capital is a diversified alternative investment manager and subsidiary of insurance provider, New York Life. Apogem manages a variety of investment strategies including private equity, private credit, and real assets. Within private equity, the Firm looks to make fund, direct, and secondary investments, as well as acquire GP stakes. Within its direct investing activity, Apogem targets mid-sized companies valued up to $250 million and will consider businesses throughout North America and Europe. Apogem Capital formed as the result of New York Life combining PA Capital, Madison Capital Funding, and Goldpoint Partners into one entity. Apogem Capital is based in New York City.

DEAL STATS #
Overall 44 of 69
Sector (Electrical Equipment) 3 of 4
Type (Secondary Buyout) 18 of 23
State (Ohio) 3 of 6
Country (United States) 44 of 69
Year (2015) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-23 dlhBOWLES

Canton, Ohio, United States

dlhBOWLES is a supplier of innovative engineered plastic solutions to many of the largest corporations and most recognizable brands around the globe in the automotive and consumer products industries. The company designs and manufactures automotive products for camera and sensor wash systems, windshield washer systems, powertrain, chassis, and sunroof products. It also provides solutions for a wide array of consumer products in the areas of consumer sprays, plumbing, irrigation, and other diverse applications. dlhBOWLES was founded in 1961 and is based in Canton, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-10 Area Wide Protective

North Canton, Ohio, United States

Area Wide Protective is a provider of professional traffic control design and execution services in support of utility infrastructure maintenance and construction activity. Area Wide Protective was founded in 1993 and is based in North Canton, Ohio.

Buy -
Buyer

PNC Mezzanine Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

PNC Mezzanine Capital is the subordinated debt investing arm of PNC Bank. PNC Mezzanine looks to provide $10 to $50 million of junior capital to middle-market companies in a variety of industries. Prospective companies generally have revenues of $20 million and EBITDA greater than $4 million. Broad sectors of interest include niche manufacturing, value-added distribution, and business or consumer services. PNC will not invest in early-stage or technology-driven businesses; real estate, commodity-based or capital-intensive companies; businesses with high customer or vendor concentration; or declining businesses. PNC Mezzanine was formed in 1989 and is based in Pittsburgh, Pennsylvania.

DEAL STATS #
Overall 48 of 77
Sector (Electrical Equipment) 1 of 2
Type (Secondary Buyout) 11 of 15
State (Ohio) 4 of 7
Country (United States) 46 of 73
Year (2015) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-31 Sauce Pizza & Wine

Scottsdale, Arizona, United States

Sauce Pizza & Wine is a fast-casual Italian restaurant concept offering freshly prepared pizza, pasta, salad and sandwiches for lunch and dinner. Sauce Pizza & Wine was founded in 2003 and is based in Scottsdale, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-14 Better Life Technology

Lenexa, Kansas, United States

Better Life Technology LLC is a manufacturer, designer, marketer and distributor of highly specialized vinyl flooring products and unique printing substrates for multiple end markets.

Buy -

Seller(S) 1

SELLER

Pfingsten Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1989
PE ASSETS 1.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION
Pfingsten's office building at 300 North LaSalle in Chicago.
Pfingsten's office building at 300 North LaSalle in Chicago.

Pfingsten Partners is a private equity firm focused on investments in niche manufacturing, distribution, and business services companies. The Firm targets platform companies headquartered in the US although add-on acquisitions can be located outside the US. Prospective companies typically have revenues of $20 to $150 million and EBITDA of $3 to $12 million. Transaction types include private companies undergoing an ownership transition, corporate divestitures, strategic add-ons, and turnarounds. Pfingsten only invests in situations allowing for control. Pfingsten will not invest in real estate, natural resources, highly regulated businesses, retail, restaurants, early-stage companies, or technology. Pfingsten Partners was formed in 1989 and is based in Chicago, Illinois.

DEAL STATS #
Overall 21 of 39
Sector (Electrical Equipment) 3 of 6
Type (Secondary Buyout) 6 of 16
State (Ohio) 5 of 8
Country (United States) 21 of 39
Year (2015) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-08 Burton Mill Solutions

Woodland, Washington, United States

Burton Mill Solutions is a manufacturer and distributor of consumable products and equipment to saw mills and wood product manufacturers. Burton Mill Solutions was established in 1903 and is based in Springfield, Oregon.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-01 Arrowhead Engineered Products

Blaine, Minnesota, United States

Arrowhead Engineered Products is a specialty supplier and distributor of aftermarket replacement parts for a wide variety of equipment types across the outdoor power equipment, Powersports, agricultural, industrial and automotive industries. Arrowhead Engineered Products was founded in 1986 and is based in Blaine, Minnesota.

Sell -
Mergr

Product

Company

Legal