News

April 30, 2010

Audax Group Announces Sale of Thermon Industries

Audax Group (“Audax”) announced it has completed the sale of Thermon Industries (“Thermon”) to Code Hennessy & Simmons LLC. Based in San Marcos, Texas, Thermon is a leading global manufacturer of heat tracing equipment for the petrochemical, oil and gas,engineering, and power industries. With offices in 15 countries and manufacturing and fabrication facilities in the U.S., Europe, Canada, India, and Korea, the company serves as a local partner to blue-chip, multi-national corporations. Audax, together with management, acquired Thermon in August 2007 and worked with management to execute a growth strategy focused on operational improvements and continued global expansion.

Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said “Rodney Bingham and his management team did a terrific job working with us to build Thermon into a global leader in heat tracing. Their deep technical knowledge and outstanding execution make Thermon a key value-added partner to its global customer base We wish Rodney and his team continued success with their new partners at Code Hennessy &Simmons.”

Rodney Bingham, CEO of Thermon, said “The dedication of our talented team was critical to achieving this successful transaction. Audax Group has been an invaluable partner for us; their understanding of international operations and greenfield expansion was key to helping us grow our business.”

Kirkland & Ellis LLP advised Audax Group. Jefferies & Company, Inc. and W.Y. Campbell & Company advised Thermon.

Contacts
Audax Group
Geoffrey Rehnert
Co-CEO
(617) 859-1503

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