M&A Deal Summary

Audax Private Equity, Audax Private Debt, Antares Capital and Apollo Global Management Acquire API Heat Transfer

On June 21, 2005, private equity firm Audax Private Equity, mezzanine finance firm Audax Private Debt, private equity firm Antares Capital and asset manager Apollo Global Management acquired machinery company API Heat Transfer from Madison Industries

Acquisition Highlights
  • This is Audax Private Equity’s 1st, Audax Private Debt’s 1st, Antares Capital’s 1st and Apollo Global Management’s 1st transaction in the Machinery sector.
  • This is Audax Private Equity’s 14th, Audax Private Debt’s 11th, Antares Capital’s 11th and Apollo Global Management’s 5th transaction in the United States.
  • This is Audax Private Equity’s 3rd, Audax Private Debt’s 1st, Antares Capital’s 1st and Apollo Global Management’s 1st transaction in New York.
Investment Fate
  • API Heat Transfer was sold to a consortium of financial buyers in 2007.
  • API Heat Transfer was sold to a consortium of financial buyers in 2012.
  • API Heat Transfer was sold to a consortium of buyers in 2019.

M&A Deal Summary

Date 2005-06-21
Target API Heat Transfer
Sector Machinery
Buyer(s) Audax Private Equity
Audax Private Debt
Antares Capital
Apollo Global Management
Sellers(s) Madison Industries
Deal Type Secondary Buyout
Advisor(s) Goldsmith Agio Helms (Financial)

Target

API Heat Transfer

Buffalo, New York, United States
API Heat Transfer is a designer and manufacturer of a wide range of heat transfer technologies that service virtually every industrial market including food and beverage, dairy, compressors, air separation, chemical processing, mobile vehicles, power generation, pharmaceuticals, HVAC, and a wide variety of general industrial applications.

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Buyer(S) 4

Buyer

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 19.0B 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 14 of 170
Sector: Machinery M&A 1 of 5
Type: Secondary Buyout M&A Deals 3 of 73
State: New York M&A 3 of 6
Country: United States M&A 14 of 161
Year: 2005 M&A 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-01 TMP Directional Marketing

New York City, New York, United States

TMP Directional Marketing is a local search agency, offering integrated offline, online and mobile search marketing solutions to top, national brands. Our clients describe us as indispensable.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-13 The Macgregor Group

Boston, Massachusetts, United States

Macgregor is a provider of trade order management systems and financial information exchange network services to institutional buy-side investors. Macgregor products and services help to automate mission-critical investment management functions, including portfolio modeling, trade management, order routing, compliance, and electronic settlement

Sell $230M
Buyer

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies with EBITDA between $10 and $100 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations. Audax Private Debt is based in New York, New York.


DEAL STATS #
Overall 11 of 120
Sector: Machinery M&A 1 of 3
Type: Secondary Buyout M&A Deals 3 of 58
State: New York M&A 1 of 10
Country: United States M&A 11 of 118
Year: 2005 M&A 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-16 TSI Group

St. Louis, Missouri, United States

TSI Group, Inc. is a manufacturer of custom-engineered thermal management and electronic component and systems solutions predominantly to defense and aerospace customers. TSI Group is based in St. Louis, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-22 Wilson Farms

Lexington, Massachusetts, United States

Wilson Farms is an operator of approximately 200 convenience stores under the Wilson Farms and Sugarcreek brands. Wilson's primary products include an extensive line of grocery, frozen and dairy products as well as gasoline in select locations.

Buy -
Buyer

Antares Capital

Miami, Florida, United States

Investor Investor


Category Private Equity Firm
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Antares Capital is a private investment group that targets growth capital financings as well as management buyout opportunities. The Firm focuses on investments based in the Southeast US and Texas. Prospective companies generally have proven business models, modest capital requirements for growth, and operate in large and growing markets. The Firm looks to commit $500k to $5 million per investment. Antares will not invest in real estate, mineral exploration, distributors, franchisees, or project financings. Antares was founded in 1993 and is based in Miami, Florida.


DEAL STATS #
Overall 11 of 55
Sector: Machinery M&A 1 of 1
Type: Secondary Buyout M&A Deals 7 of 30
State: New York M&A 1 of 3
Country: United States M&A 11 of 54
Year: 2005 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-04-11 Express Oil Change & Tire Engineers

Birmingham, Alabama, United States

Express Oil Change & Tire Engineers is a provider of total car care solutions, oil change, maintenance and repair services. Express Oil Change & Tire Engineers was founded in 1979 and is based in Birmingham, Alabama.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-02-01 Aspen Marketing Services

West Chicago, Illinois, United States

Aspen Marketing Services (Aspen) Aspen is an integrated marketing services company with approximately 400 professionals located in nine offices nationwide.

Sell -
Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1990
PE ASSETS 72.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.


DEAL STATS #
Overall 5 of 152
Sector: Machinery M&A 1 of 3
Type: Secondary Buyout M&A Deals 2 of 39
State: New York M&A 1 of 6
Country: United States M&A 5 of 108
Year: 2005 M&A 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-12-06 PlayPower

Huntersville, North Carolina, United States

PlayPower is a manufacturer of commercial playground systems and recreational equipment. With operations in both the US and Europe, the Company manufactures and markets a wide range of innovative products including commercial playground equipment, floating docks and boat/personal watercraft lifts, contained play systems, site amenities, and other related products. PlayPower is based in Huntersville, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-01 SquareTwo Financial

Denver, Colorado, United States

SquareTwo Financial Corp. (Formerly Collect America) financial service company that purchases non-performong credit card debt and obtains other debt placements from credit-granting organizations for distribution to its proprietary national network of franchised law firms. This network utilizes Collect America's proprietary technology including computer database, collection software and communication system and collection methodology and operating philosophy.

Buy -

Seller(S) 1

SELLER

Madison Industries

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
Size Large
Type Sector Focused
DESCRIPTION

Madison Industries is a privately held investment holding firm that targets growth investments in and acquisitions of industrial manufacturing companies. Madison prefers businesses with a defensible market niche, established technology, and significant cash-flow growth potential. Madison will also consider turnaround situations. Target opportunities generally have sales between $50 million and $2 billion. Madison Industries is based in Chicago, Illinois.


DEAL STATS #
Overall 6 of 20
Sector: Machinery M&A 2 of 9
Type: Secondary Buyout M&A Deals 3 of 8
State: New York M&A 1 of 1
Country: United States M&A 6 of 19
Year: 2005 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-01-03 Cofimco

Pombia, Italy

Cofimco is a designer and manufacturer of highly engineered aluminum and fiberglass axial fans for sophisticated and demanding cooling tower, evaporative condenser, and air-cooled condenser fan applications. Cofimco was founded in 1975 and is based in Pombia, Italy.

Buy $28M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-01 Synventive Molding Solutions

Peabody, Massachusetts, United States

Synventive Molding Solutions, Inc. is a solutions provider to the injection molding industry. Synventive is a designers, manufacturers and suppliers of hot runner systems and related components to the automotive, electronics, healthcare, and consumer packaging industries. Hot runner systems channel molten plastic from injection molding machines into molds. These systems are used in the molding of a variety of plastic products ranging from small medical devices to large automobile parts.

Sell -