Audax Group (“Audax”) announced it has completed the sale of UTEX Industries, Inc. (“UTEX”) to Rhône Capital. Based in Houston, Texas, UTEX is a leading designer and manufacturer of highly engineered specialty sealing solutions and down hole consumables used for oil and gas drilling, completion and production, in addition to water management and mining. Audax,together with management, acquired UTEX in May 2007 and executed a growth strategy focused on operational improvements, new product introductions, and the successful sourcing and integration of CAM Specialty Products and DuraQuest, which broadened UTEX’ product lines and customer base.
Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said “Mike Balas and his management team did a terrific job working with us to build the company. We drove above-market revenue growth by entry into new end markets and product launches, and expanded margins through pricing optimization and implementation of lean manufacturing initiatives. We wish Mike and his team continued success.”
Lazard Middle Market LLC and Simmons & Company International advised UTEX. Kirkland & Ellis LLP advised Audax Group.
