Audax Group and Nash Engineering Complete Sale of nash_elmo.BOSTON -- Audax Group and The Nash Engineering Company ("TNEC TNEC Temporary National Economic Committee (US congressional committee that studied monopolistic practices during 1938-1939) TNEC Tamil Nadu Environment Council (India) ") today announced they have completed the sale of nash_elmo Holdings, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("nash_elmo") for $223.5 million in cash to Gardner Denver, Inc. (NYSE NYSE See: New York Stock Exchange : GDI (Graphics Device Interface) The traditional programming interface (API) for output in Windows. When an application needs to display or print, it makes a call to a GDI function and sends it the parameters for the object that must be created. ), a leading manufacturer of compressors and blowers. nash_elmo, formed in May, 2002 through the merger of the operations of The Nash Engineering Company and elmo vacuum technology Vacuum Technology is a 5B$ market, it includes several disciplines Vacuum Pump Vacuum Gauges or Measurement Leak detection equipment Process monitoring equipment Gas analyser GmbH, is a leading worldwide manufacturer of industrial pumps and compressors. Geoffrey S. Rehnert, Co-CEO of Audax Group said "nash_elmo represents a very successful example of how a private equity fund, using a broad array of transactional, financial and operational skills, can work with management of a middle market company and with family business owners in a complex global environment to create a worldwide market leading industrial company." Mark H. Nordenson, Chairman of TNEC said "the Nash family owners are very pleased by the outcome of the merger in 2002 and the successful sale of the business to Gardner Denver which greatly respects the 100 year old Nash brand in liquid ring vacuum technology. We were very fortunate to have worked with the Audax team, led by Keith Palumbo and Oliver Ewald, which brought financial and strategic expertise as well as sensitivity to the interests of family business ownership." Christopher H. Williams, Co-Founder, and Peter H. Bowles, Director, of Harris Williams & Co. advised nash_elmo on the transaction. Jeffrey J. Seifman, Partner, of Kirkland & Ellis LLP LLP - Lower Layer Protocol served as nash_elmo's counsel. John D. Chaparro, Senior Vice President and Co-Head of The M&A Advisory Group, of Brown Brothers Harriman & Co. advised TNEC. Commenting on the transaction, Richard Clarke, 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 nash_elmo said "The combined effort of the management team and our dedicated employees to successfully integrate both businesses into a global manufacturer of industrial pumps and compressors gives me great satisfaction. The creativity and operational expertise that Audax brought to the table played a key part in this transaction being so successful." 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 $1 billion in equity and mezzanine debt capital. For more information visit the Audax Group website http://www.audaxgroup.com NOTE TO EDITORS: In the company name nash_elmo noted in this news release, there is an underscore between nash and elmo. This symbol may not appear properly in some systems. |
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