Boston, MA – Audax Group has completed the sale of Phillips & Temro Industries (“PTI”) to Harbour Group, a private operating company located in St. Louis, Missouri. PTI is a premier global supplier of highly engineered thermal technology systems headquartered in Eden Prairie, Minnesota and has operations in the United States, United Kingdom and China.
Through its five locations, PTI designs, engineers, manufactures and sells highly engineered thermal technology systems, solutions and controls for mission-critical applications in the oil & gas, off-road equipment, heavy/medium/light duty truck, power generation, and automotive industries. Since Audax’ initial investment in 2012, the Company has transformed into a leading, pure play thermal solutions platform with significant runway for long-term growth. Over the last three years the Company consolidated its North American manufacturing facilities, divested its silencing/emissions division through a complex transaction that included the simultaneous acquisition of MIRATECH Group and the establishment of a new, standalone entity that Audax controls, accelerated new product development, and completed two acquisitions in its core thermal technology markets, all-in more than doubling the core heating business.
*Geoffrey S. Rehnert, *Co-Chief Executive Officer, Audax Group, said: “Butch and the PTI team have done an exceptional job restructuring the manufacturing footprint, optimizing the silencing/emissions division, and growing the company organically and through acquisitions to build upon PTI’s position as a leader within the industry. We wish Butch and the PTI team continued success on the next leg of growth with Harbour Group.”
*Butch Sumpter, *CEO of PTI, said: “Audax Group’s expertise in helping us execute our buy and build strategy was essential for improving PTI’s market position and expanding our end market and geographic presence.”
Robert W. Baird & Co. advised PTI. Kirkland & Ellis LLP and Fredrikson & Byron, P.A. served as legal counsel to PTI.
PTI is a premier global supplier of highly engineered thermal technology systems, solutions and controls for mission-critical applications in the oil & gas, off-road equipment, heavy / medium / light duty truck, power generation, electric / hybrid electric vehicle and automotive industries. The Company is headquartered in Eden Prairie, Minnesota and has operations in the United States, United Kingdom and China.