Audax Private Equity Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Audax Private Equity has acquired 25 companies. It has also invested in 2 others.

Audax Private Equity’s most common sectors for investment arehealthcare services (10%) and distribution (9%) . The Firm’s most common investment types include secondary buyout (45%) and buyout (lbo, mbo, mbi) (29%). In total, Audax Private Equity has invested in 31 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2004 when it acquired Ready Mixed Concrete for $210M.

In the last 3 years, Audax Private Equity has exited 24 companies. The Firm’s most common exit type is secondary buyout (57%). Audax Private Equity’s largest (disclosed) exit occurred in 2010 when it sold Lincoln Industrial for $1.0B.

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M&A Summary

  • M&A Total Activity212
    • M&A Buy Activity131
    • M&A Sell Activity81
  • Total Sectors Invested 38
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 57
  • M&A Advisors 24

Audax Private Equity

101 Huntington Avenue,
Boston, Massachusetts 02199
United States
(617) 859-1500
www.audaxprivateequity.com
LPRequests@audaxgroup.com

Audax Private Equity is a private equity firm that targets to invest in small-cap and lower-middle market companies. The Firm seeks to invest $10 - $100 million in companies with revenues of at least $50 million and EBITDA of $10 million. Audax targets companies valued at between $100 and $500 million. Areas of interest include building products, business services, distribution/direct marketing, energy, niche manufacturing/specialty industrials, technology/media, consumer products, environmental services, education, food/beverages, waste/recycling, water, and wastewater services. Types of transactions include buyouts, divestitures, sponsor exit, family/entrepreneur, distressed and public company. Audax Private Equity is the private equity arm of Audax Group, Inc. Audax Private Equity was formed in 1999 and has offices in San Francisco and Boston.


Investment Criteria

Sectors of Interest: Beverages, Building Materials, Business Services, Consumer Products, Consumer Services, Distribution, Education, Energy Services and Equipment, Environmental, Food, Healthcare Services, Information Technology, Internet Software and Services, Life Science, Machinery, Manufacturing, Marketing, Media, Medical Products, Software, Technology Hardware, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed, Secondary Buyout, Venture

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue 50 -
Target EBITDA 10 50
Investment Size 10 100
Enterprise Value 100 500
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (7.4/yr) # 94 10 9 9 3 6 131
vol $896M $896M
Sell (6.2/yr) # 50 7 7 8 3 6 81
vol $4.3B $232M $250M $4.8B
  212

Most Recent M&A

Company Date Value Type
GCX Corp. 2021-09-20 - Buyout (LBO, MBO, MBI)
Petaluma, California · www.gcx.com
Covercraft Industries LLC 2021-08-23 - Secondary Buyout
Pauls Valley, Oklahoma · www.covercraft.com
Reedy Industries, Inc. 2021-07-27 - Secondary Buyout
Glenview, Illinois · www.reedyindustries.com
EJ2 Communications, Inc. 2021-07-21 - Growth Capital
New York, New York · www.flashpoint-intel.com
Solve Industrial Motion Group 2021-07-08 - Secondary Buyout
Charlotte, North Carolina · www.solveindustrial.com
S.J. Electro Systems, Inc. 2021-06-28 - Buyout (LBO, MBO, MBI)
New Hope, Minnesota · www.sjeinc.com
Gastro Health LLC 2021-05-19 - Secondary Buyout
Miami, Florida · www.gastrohealth.com
Axia Women's Health 2021-05-05 - Secondary Buyout
Voorhees, New Jersey · www.axiawh.com
Corsearch, Inc. 2021-04-20 - Secondary Buyout
London, United Kingdom · www.corsearch.com
AI Fire LLC 2021-03-23 - Secondary Buyout
Long Beach, California · www.aifire.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
EEC Acquisition LLC 2017-11-02 Horizon Food Equipment, Inc. 2021-08-25 7
St Paul, Minnesota · www.smartcaresolutions.com Schenectady, New York · www.horizonbradco.com
S.J. Electro Systems, Inc. 2021-06-28 L.W. Allen, Inc. 2021-08-02 1
New Hope, Minnesota · www.sjeinc.com Madison, Wisconsin · www.lwallen.com
Aspen Surgical Products, Inc. 2019-07-10 Briggs Healthcare - Stork 2021-06-14 5
Caledonia, Michigan · www.aspensurgical.com Moines, Iowa
Innovative Chemical Products Group 2016-01-19 Choice Slocum Holdings LLC 2021-04-19 14
Andover, Massachusetts · www.icpgroup.com Cincinnati, Ohio · www.choiceadhesivescorp.com
48forty Solutions LLC 2020-12-01 BridgeStreet Worldwide - European and Asian Agency Business 2020-12-08 5
Atlanta, Georgia · www.48forty.com , United Kingdom
Astute, Inc. 2019-04-10 iPerceptions, Inc. 2020-07-17 2
Columbus, Ohio · www.astutesolutions.com Montreal, Quebec · www.iperceptions.com
Aspen Surgical Products, Inc. 2019-07-10 Precept Medical Products, Inc. 2020-05-04 4
Caledonia, Michigan · www.aspensurgical.com Arden, North Carolina · www.preceptmed.com
EIS, Inc. 2019-08-16 Tekra Corp. 2020-02-18 1
Atlanta, Georgia · www.eis-inc.com New Berlin, Wisconsin · www.tekra.com
Fastener Distribution Holdings LLC (FDH) 2017-04-04 Aerospheres (UK) Ltd. 2019-12-17 7
El Segundo, California · www.fdhaero.com Middlesex, United Kingdom · www.aerospheres.com
The Chartis Group LLC 2019-05-09 The Greeley Co. Inc. 2019-12-09 1
Chicago, Illinois · www.chartis.com Danvers, Massachusetts · www.greeley.com

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 7 (16%) 190M (100%) 13 (10%) 190M (21%)
Distribution 3 (7%) - 11 (8%) -
Business Services 3 (7%) - 9 (7%) -
Medical Products 5 (11%) - 9 (7%) -
Automotive 1 (2%) - 7 (5%) -
Software 4 (9%) - 7 (5%) -
Chemicals 1 (2%) - 6 (5%) -
Electrical Equipment 2 (4%) - 6 (5%) -
Manufacturing 3 (7%) - 6 (5%) -
Safety/Security 1 (2%) - 5 (4%) 161M (18%)
Information Technology 2 (4%) - 5 (4%) -
Machinery - - 4 (3%) -
Building Materials 1 (2%) - 3 (2%) -
Consumer Products 2 (4%) - 3 (2%) -
Life Science 1 (2%) - 3 (2%) -
Marketing - - 3 (2%) -
Construction - - 2 (2%) 210M (23%)
Plastics - - 2 (2%) 175M (20%)
Technology Hardware 1 (2%) - 2 (2%) 100M (11%)
Education - - 2 (2%) -
Energy Services and Equipment - - 2 (2%) -
Environmental 1 (2%) - 2 (2%) -
Internet Software and Services - - 2 (2%) -
Packaging 1 (2%) - 2 (2%) -
Retail - - 2 (2%) -
Transportation 1 (2%) - 2 (2%) -
Publishing - - 1 (1%) 60M (7%)
Aerospace 1 (2%) - 1 (1%) -
Apparel/Textiles 1 (2%) - 1 (1%) -
Consumer Services 1 (2%) - 1 (1%) -
Electronics - - 1 (1%) -
Engineering - - 1 (1%) -
Financial Services - - 1 (1%) -
Furniture - - 1 (1%) -
Media - - 1 (1%) -
Metals/Mining 1 (2%) - 1 (1%) -
Restaurants 1 (2%) - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Total 45 $190M 132 $896M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 44 (98%) - 126 (95%) 706M (79%)
  Texas 5 (11%) - 13 (10%) -
  Massachusetts 4 (9%) - 13 (10%) 60M (7%)
  California 6 (13%) - 12 (9%) 161M (18%)
  Illinois 5 (11%) - 12 (9%) 100M (11%)
  Ohio 3 (7%) - 7 (5%) 175M (20%)
  Minnesota 3 (7%) - 6 (5%) -
  New York 1 (2%) - 6 (5%) -
  Florida 1 (2%) - 6 (5%) -
  New Jersey 2 (4%) - 5 (4%) -
  Pennsylvania 3 (7%) - 4 (3%) -
  North Carolina 1 (2%) - 4 (3%) 210M (23%)
  Connecticut 1 (2%) - 4 (3%) -
  Colorado - - 4 (3%) -
  Georgia 2 (4%) - 3 (2%) -
  Arizona 1 (2%) - 3 (2%) -
  Wisconsin 1 (2%) - 3 (2%) -
  Tennessee - - 3 (2%) -
  Michigan 1 (2%) - 2 (2%) -
  Maryland 1 (2%) - 2 (2%) -
  Missouri - - 2 (2%) -
  Indiana - - 2 (2%) -
  District of Columbia 1 (2%) - 1 (1%) -
  Oklahoma 1 (2%) - 1 (1%) -
  Maine 1 (2%) - 1 (1%) -
  Washington - - 1 (1%) -
  Virginia - - 1 (1%) -
  South Carolina - - 1 (1%) -
  Rhode Island - - 1 (1%) -
  New Hampshire - - 1 (1%) -
  Nevada - - 1 (1%) -
  Kentucky - - 1 (1%) -
Canada 1 (2%) 190M (100%) 4 (3%) 190M (21%)
  Ontario 1 (2%) 190M (100%) 3 (2%) 190M (21%)
  Quebec - - 1 (1%) -
United Kingdom - - 2 (2%) -
Domestic 44 (98%) - 126 (95%) 706M (79%)
Cross-border 1 (2%) 190M (100%) 6 (5%) 190M (21%)
Total 45 $190M 132 $896M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 24 (53%) - 59 (45%) 261M (29%)
Buyout (LBO, MBO, MBI) 8 (18%) - 37 (28%) 385M (43%)
Recapitalization 4 (9%) - 14 (11%) 60M (7%)
Divestiture 4 (9%) 190M (100%) 8 (6%) 190M (21%)
Growth Capital 3 (7%) - 8 (6%) -
Consolidation 1 (2%) - 3 (2%) -
Special Situations/Distressed - - 1 (1%) -
Stake Purchase - - 1 (1%) -
Venture 1 (2%) - 1 (1%) -
Total 45 $190M 132 $896M

Exits by Deal Type

Type Total # Value
Secondary Sale 46 (57%) 1.2B (24%)
Trade Sale - Public Company 13 (16%) 3.4B (71%)
Trade Sale 12 (15%) 230M (5%)
Merger 5 (6%) -
Recapitalization 3 (4%) -
Bankruptcy 1 (1%) -
Stake Sale 1 (1%) -
Total 81 $4.8B

Top M&A Advisors

Financial Deals
Lincoln International
 3
Houlihan Lokey
 2
Brown Gibbons Lang & Co.
 1
Legal Deals
Kirkland & Ellis LLP
 54
Ropes & Gray LLP
 45
Goulston & Storrs
 2

Deal Values

buy # Total
$100M to $1B 4 $736M
< $100M 2 $160M
TOTAL $896M
Largest Ready Mixed Concrete Co.
$210M (2004-11-09)
sell # Total
> $1B 1 $1.0B
$100M to $1B 14 $3.8B
< $100M 1 $44M
TOTAL $4.8B
Largest Lincoln Industrial Corp.
$1.0B (2010-12-01)

M&A Connections

Deals
Acquired from
Investor(s)
48%
64 (48%)
Strategic(s)
7%
9 (7%)
Exited to
Investor(s)
59%
48 (59%)
Strategic(s)
36%
29 (36%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

6.0B USD

Established

1999

Specialist/Generalist

Generalist

Leadership

Adam Abramson

Managing Director

Beau Thomas

Managing Director

David Goldenheim

Managing Director

David Wong

Managing Director

Donald Bramley

Managing Director

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