Nautic Partners announced that it has completed the sale of Aavid Thermalloy to an investor group led by Audax Private Equity. The terms of the transaction were not disclosed.

Headquartered in Concord, NH, Aavid is a designer and manufacturer of high-performance thermal management products. Aavid’s products are used to dissipate heat and maintain optimal temperatures of electronic components that are used in servers, telecommunications equipment, transportation systems and industrial electronics. The company’s global infrastructure includes manufacturing facilities and design centers located in North America, Europe and throughout Asia.

“We are very fortunate to have partnered with an outstanding management team at Aavid,” said Doug Hill, managing director of Nautic. “During the last two years the company has experienced exceptional growth thanks to the efforts of the team, the high-quality of Aavid’s products, and the secular trend toward hotter, more-powerful electronics that demand Aavid’s engineered thermal solutions.”

“I’ve been very pleased to work with Nautic,” said Alan Wong, CEO of Aavid. “During Nautic’s ownership, Aavid expanded its position in its core industries, developed good positions in exciting new markets, and strengthened its market leadership. This is an excellent outcome for Aavid’s shareholders, customers and employees, and we look forward to continued success.”

Edgeview Partners served as financial advisor to Aavid, while Edwards Wildman Palmer acted as legal counsel for the company.

Nautic Partners is a middle-market private equity firm with over $2.5 billion of equity capital under management.