Audax Group (“Audax”) announced it has completed the sale of Kurt Versen Company (“Kurt Versen”) to Hubbell, Inc. (NYSE:HUB.B). Based in Westwood, New Jersey, Kurt Versen is a designer and manufacturer of high-end, specification-oriented, recessed downlighting for commercial applications. Audax, together with management, acquired the company in May 2005 to strengthen its position as a leading independent brand within its niche market. Audax worked with management to execute a growth strategy focused on organic growth and new product introductions.
Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said “Steve Silverstein and his management team did a terrific job building Kurt Versen’s position as the leading player in its niche at the high end of the commercial lighting industry. We wish him and his team continued success.”
Steven M. Silverstein, CEO of Kurt Versen, said “The combined effort of management and our employees was critical to achieving this successful transaction. It has been a great experience working with Audax Group. Their understanding and commitment to our business was evident throughout.”
Kirkland & Ellis LLP advised Audax Group. Edgeview Partners represented Kurt Versen.