Audax Group announced it has completed the acquisition of Astrodyne Corporation (“Astrodyne”) from American Capital Strategies, Ltd. (Nasdaq:ACAS). Headquartered in Mansfield, Massachusetts, Astrodyne is a designer, manufacturer, and distributor of AC/DC power supplies, DC/DC converters, and external and wall-mount power adapters through catalog, direct sales, and internet. With operations in the United States, China, and Taiwan, the company serves industrial, audio/visual, medical, instrumentation, and distribution end markets. Peter Murphy, President and Chief Executive Officer of Astrodyne, will continue to lead the management team.
Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said “Astrodyne is a leading niche player in the fragmented power components market with exceptional customer support and an extensive product portfolio. We look forward to working with Peter and his team to grow the business through new product introductions, geographic expansion, and strategic add-on acquisitions.”
Peter Murphy, President and Chief Executive Officer of Astrodyne, said “We are excited to have Audax Group as our new partner. Their experience helping middle market companies expand globally as well as source and integrate add-on acquisitions will be valuable as we grow our business.”
Kirkland & Ellis LLP advised Audax Group. O’Melveny & Myers LLP advised American Capital Strategies, Ltd. Lincoln International advised Astrodyne. Madison Capital Funding, LLC provided acquisition financing to support the transaction.