Astrodyne Announces Acquisition by Audax Group |
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Astrodyne Corp.
375 Forbes Blvd.
Mansfield, MA, 02048
USA
Press release date: April 10, 2008
MANSFIELD, MA - April 10, 2008 - Astrodyne Corporation ("Astrodyne") announced it has been acquired by Audax Group. Headquartered in Mansfield, Massachusetts, Astrodyne is a designer, manufacturer, and distributor of AC/DC power supplies, DC/DC converters, and external and wall-mount power adapters through catalog, direct sales, and internet. With operations in the United States, China, and Taiwan, the company serves industrial, audio/visual, medical, instrumentation and electronics OEM ("EOEM") distribution end markets. Peter Murphy, President and Chief Executive Officer of Astrodyne, will continue to lead the existing management team. Astrodyne will continue to operate as a standalone entity but draw upon the resources of Audax to better serve its end markets.
The mutually synergistic acquisition will help to fuel Astrodyne's growth objectives in the EOEM markets and serve to reinforce the company's position as the provider of rapid resolutions to the power challenges confronting engineers. This development is consistent with Astrodyne's ongoing investment in customer-focused initiatives including the recent re-launch of its feature-rich website and the enhancement of its online and print catalogs which feature over 3,000 products. In the past 12 months Astrodyne has introduced 100 new products and will continue to expand its portfolio with custom, standard and modified standard power solutions.
Geoffrey S. Rehnert, Co-CEO of Audax Group, said "Astrodyne is a leading niche player in the fragmented power components market with exceptional customer support and an extensive product portfolio. We look forward to working with Peter and his team to grow the business through new product introductions, geographic expansion and strategic add-on acquisitions."
Peter Murphy, President and Chief Executive Officer of Astrodyne, said "We are excited to have Audax Group as our new partner. Their experience helping middle market companies expand globally as well as source and integrate add-on acquisitions will be valuable as we grow our business internationally and continue to make strategic acquisitions in the power management space."
Audax Private Equity, together with management, acquired Astrodyne from American Capital Strategies, Ltd. (Nasdaq:ACAS). Kirkland & Ellis LLP advised Audax Group. O'Melveny & Myers LLP advised American Capital Strategies, Ltd. Lincoln International advised Astrodyne. Madison Capital Funding, LLC provided acquisition financing to support the transaction.
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