May 2017

Audax Private Equity Announces Sale of Aavid Thermalloy, LLC

BOSTON–Audax Private Equity (“Audax”) has completed the sale of Aavid Thermalloy, LLC (“Aavid”) to Boyd Corporation (“Boyd”), a portfolio company of Genstar Capital Management, LLC.

Aavid, founded in 1964 and headquartered in Laconia, New Hampshire, provides a broad range of technologically advanced thermal management solutions for aerospace and defense, telecommunications, LED lighting, server, data center, consumer electronics, transportation, and industrial applications to customers globally. Since 2012, Aavid has completed seven acquisitions, expanding its geographic footprint and diversifying into new technologies and end markets. More information about Aavid is available at

Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said, “The Aavid team has executed on its thesis of accelerating organic growth through leading technical expertise and manufacturing capabilities, and by acquiring strategic assets with both new and complementary offerings. We are excited for the new opportunities available to the team through a combination with Boyd, and wish them continued success as new partners.”

Mitch Aiello, Chief Executive Officer of Boyd, said, “We are thrilled at this opportunity to partner with the Aavid team to provide our combined customer base the best of both businesses. Aavid’s manufacturing and technological capabilities will be a valuable complement to our world-class supply chain and global distribution channels. The talent, reputation, and expertise of Aavid will go a long way to strengthen Boyd’s global market leadership.”

Robert W. Baird & Co. and BMO Capital Markets Corp. advised Aavid. Kirkland & Ellis, LLP served as legal counsel to Aavid, and Weil, Gotshal & Manges, LLP served as legal counsel to Boyd. Terms of the transaction were not disclosed.


About Boyd Corporation

Boyd Corporation is a global provider of thermal management and environmental sealing solutions critical to products that keep the world running. The company operates in markets around the world with specific expertise in engineering and design, manufacturing and supply chain management and commits to proactive customer satisfaction across electronics, mobile computing, medical technology, transportation, aerospace and other B2B and consumer-critical industries. For nearly 100 years, the Boyd brand has represented stability, adaptability and vision along with employing the most experienced team in the industry.

*About Genstar Capital Management

Genstar Capital is a leading private equity firm that has been actively investing in high quality companies for nearly 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar manages funds with total capital commitments of approximately $9 billion and targets investments focused on targeted segments of the financial services, software, industrial technology, and healthcare industries.