Audax Group Announces Sale of API Heat Transfer.BOSTON -- Audax Group ("Audax") announced it has completed the sale of API Heat Transfer Technologies Corporation ("API Heat Transfer") to Industrial Growth Partners. Based in Buffalo, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , API Heat Transfer is a leading, full-service global producer of industrial heat exchangers and heat transfer systems, serving customers in the compressor, air dryer, air separation, process, power, off-highway, food & beverage, HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free , and refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. markets. Audax, together with management, acquired the company in June 2005 to drive growth by leveraging the company's market position, best-in-class operations, and global manufacturing and sales network. Geoffrey S. Rehnert, Co-CEO of Audax Group, said "In a relatively short period of time, we worked with management to build API Heat Transfer's startup Chinese manufacturing operations, which were cash flow negative when we purchased the company, into a highly profitable, scale operation. We wish Joe Cordosi and his management team continued success." Joe Cordosi, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of API Heat Transfer, said "The dedication of our talented team was critical to achieving this positive outcome for our company. Audax Group was a key resource for us; their understanding of international operations and experience operating in China was critical in helping us successfully expand our manufacturing base." Kirkland & Ellis LLP LLP - Lower Layer Protocol advised Audax. Robert W. Baird Robert Wilson Baird (born April 1, 1883) helped found the financial services firm that bears his name and led it for more than 40 years. Baird’s father was a professor of Greek literature at Northwestern University in Evanston, Illinois, where Baird grew up. & Company, Inc. represented API Heat Transfer. ABOUT AUDAX GROUP Audax Group, founded in 1999, is a leading investor in middle market companies. With offices in Boston and New York, Audax manages in excess of $3.5 billion in equity and mezzanine debt capital. For more information visit the Audax Group website http://www.audaxgroup.com |
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