Audax Private Equity (“Audax”) today announced that it has acquired a controlling interest in Solve Industrial Motion Group (“Solve” or the “Company”), a leading provider of high-quality power transmission components and industrial-grade bearings, from Incline Equity Partners. Terms of the transaction were not disclosed.
Based in Charlotte, North Carolina, Solve is a leading manufacturer and value-added service provider of highly engineered, specialty bearings and other power transmission and drive components. The company offers a portfolio of globally sourced specialty products across its P.T. International, IPTCI Bearings, and LMS Bearing brands. Solve’s comprehensive supply catalog, coupled with its refined supply chain, certified quality control, competitive pricing, custom offerings, and unparalleled customer service has made it a trusted partner to distributors and OEM customers since 1994.
“Today’s milestone affirms our strong go-to-market strategy and brand evolution,” said Lisa Mitchell, Chief Executive Officer of Solve. “With Audax’ support, knowledge, and expertise, we hope to drive further global expansion into the broader power transmission and electric motion markets. We are excited to begin this next chapter of growth.”
“We believe Solve is well-positioned to capture additional market share with OEMs and distributors globally through organic growth opportunities and strategic acquisitions,” said Don Bramley, Managing Director of Audax, “We are thrilled to be partnering with the company’s highly-experienced management team to help take the business to the next level.”
Joe Rogers, Managing Director of Audax, added, “Solve is a long-standing leader in the bearings and power transmission space with a highly diversified product portfolio across key industries. We look forward to supporting the Company as it continues to serve as a preeminent end-to-end resource to its customers.”
Ropes & Gray LLP served as legal counsel to Audax.