Audax Group Announces the Acquisition of API Heat Transfer.BOSTON -- Audax Group today announced it has acquired API Heat Transfer Technologies Corporation ("API Heat Transfer"). API Heat Transfer is the fourth acquisition Audax has closed in recent weeks and its ninth acquisition in the first half of 2005. Headquartered 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. The Company has manufacturing facilities in the United States, Germany, and China. API Heat Transfer generates more than $100 million in annual revenues, and serves 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. President and Chief Executive Officer Joe Cordosi will continue to lead the management team and will work with Audax to identify and integrate potential acquisitions. Geoffrey S. Rehnert, Co-CEO of Audax Group, said "API Heat Transfer's strong market position and management team makes it an attractive platform in the global heat exchanger and heat transfer market. We look forward to building the business through new product introductions and strategic add-on acquisitions." 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 "Audax Group has a proven track record of acquiring middle market companies and helping them to accelerate their growth. We are excited to work with them to strengthen our position as a global producer of industrial heat exchanger and heat transfer systems." Goldsmith Agio AGIO, aggio. This term is used to denote the difference of price between the value of bank notes and nominal money, and the coin of the country. Encyc. Helms advised API Heat Transfer. Kirkland & Ellis LLP LLP - Lower Layer Protocol advised Audax Group. Antares Capital Corporation led the 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 . Apollo Investment Corporation led the mezzanine financing. 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 $1.5 billion in equity and mezzanine debt capital. For more information visit the Audax Group website http://www.audaxgroup.com |
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