Audax Group Announces the Acquisition and Merger of Arnco and Dura-Line.BOSTON -- Audax Group announced it has completed the acquisition of ARNCO Corporation ("Arnco"), from private owners, and Dura-Line Corporation ("Dura-Line"), from Sun Capital Partners, Inc. Headquartered in Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. and Knoxville, Tennessee, respectively, Arnco and Dura-Line manufacture and distribute extruded high-density polyethylene (HDPE HDPE abbr. high-density polyethylene ) duct, pipe, and conduit products for the telecom, power utility, electrical, and cable markets. With locations in the United States, Mexico, India, and the Czech Republic, the combined companies serve customers worldwide. Robert F. Smith and Paresh Chari, Chief Executive Officers of Arnco and Dura-Line, respectively, will continue to lead the combined entity. Geoffrey S. Rehnert, Co-CEO of Audax Group, said "Arnco and Dura-Line presented us with a unique opportunity to combine two strong companies and create an industry leader with a broad product offering and global footprint. We look forward to working with Robert Smith and Paresh Chari to build the combined entity through organic growth and strategic add-on acquisitions." Robert F. Smith, Chairman of the combined entity, said "This is an exciting outcome for Arnco's employees and customers. The management team, together with the experience and resources of Audax Group, will enable the combined Arnco Dura-Line to better serve our customers." Paresh Chari, 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 the combined entity, said "Dura-Line has been fortunate to have Sun Capital as our partner for the last few years. We are excited to be working with Audax Group and feel their experience working with and integrating middle market companies will help make the Arnco Dura-Line combination a success." Kirkland & Ellis LLP LLP - Lower Layer Protocol advised Audax Group. Western Reserve Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control advised Arnco, while Stifel, Nicolaus & Company, Inc. advised Dura-Line. Madison Capital Funding, LLC provided senior debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay and Apollo Investment Corporation provided mezzanine debt financing. ABOUT AUDAX GROUP Audax Group, founded in 1999, is a leading investor in middle market companies. With offices in Boston and 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 , Audax manages in excess of $2.5 billion in equity and mezzanine debt capital. For more information visit the Audax Group website http://www.audaxgroup.com |
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