Audax Private Debt (“Audax”) announced that, as Administrative Agent and Lead Arranger, it provided a unitranche credit facility to support Gauge Capital (“Gauge”) in their acquisition of Engine & Transmission Exchange (“ETE” or the “Company”).
Founded in 1985 and headquartered in Milwaukee, WI, Engine & Transmission Exchange is a leading independent remanufacturer of aftermarket vehicle transmissions and other automotive aftermarket repair and replacement parts. ETE offers a number of complementary services, including transmission repair, engine and transfer case repair and replacement, and servicing of torque convertors. With a legacy spanning over 35 years, the Company’s proven remanufacturing process returns used transmissions to “new” or “better-than-new” condition by using reclaimed and re-machined components. Remanufactured transmissions and other remanufactured auto parts are sold by the Company into retailer, installer, distributor, and other channels to be installed in vehicles across the United States.
“The Engine & Transmission Exchange team has built an impressive platform of high-quality, scalable transmission remanufacturing solutions trusted by customers and end users all over the country,” said Blake Loweth, Managing Director at Audax Private Debt. “We appreciate the opportunity to partner with Gauge and the ETE management team and look forward to working closely with the Company to reach new heights and expect to continue providing industry-leading quality and customer service.”
“Audax Private Debt has been a valuable partner to us throughout the financing process,” said James Jackson, Partner at Gauge Capital. “We’re excited to be working with them again and look forward to leveraging the Audax team’s experience in the auto aftermarket to support ETE’s continued growth as a leading provider of remanufactured vehicle transmissions and other auto aftermarket parts. The Audax team’s responsiveness and flexibility throughout the investment process provided us with the certainty needed to efficiently complete the transaction in today’s changing market environment.”