Audax Group announced it has completed the acquisition of Elgin Equipment Group, LLC (“Elgin”). Headquartered in Downers Grove, Illinois, Elgin is a manufacturer of material processing parts and equipment for coal and oil and gas applications. Core products include centrifuges (CMI), vibrating screens (Tabor Machine and Norris Screen), and cuttings dryers (CSI). Elgin also manufactures power distribution and electrical safety equipment for underground mining applications through its Mining Controls division.
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Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said “Elgin is a leading manufacturer of specialized processing equipment known for exceptional reliability and customer support. We look forward to working with David Hall and his management team to grow the company through expansion into new industry verticals and geographies, new product applications, and strategic add-on acquisitions.”
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David Hall, CEO of Elgin, said “We are excited to have Audax Group as our new partner. Audax’ experience working with middle market companies to expand globally as well as source and integrate add-on acquisitions will be valuable as we grow our business.”
Lincoln International advised Elgin. Kirkland & Ellis LLP served as counsel to Audax Group. GE Antares Capital, Madison Capital Funding, and BMO Capital Markets led the senior debt financing and PNC Mezzanine led the subordinated debt financing to support the transaction.
