Daily News: March 18, 2015

Audax Sells PTI to Harbour Group


Audax Group completed the sale of Phillips & Temro Industries to Harbour Group, a private operating company located in St. Louis, MS.

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, heavymediumlight 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 silencingemissions 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.

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.”

Geoffrey S. Rehnert, co-CEO of Audax Group, said, “Butch and the PTI team have done an exceptional job restructuring the manufacturing footprint, optimizing the silencingemissions 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.”

Robert W. Baird advised PTI. Kirkland & Ellis and Fredrikson & Byron served as legal counsel to PTI.

Eden Prairie, MN-headquartered PTI is a 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.