BOSTON--(BUSINESS WIRE)--Audax Group announced the formation of MIRATECH Group. Audax Private Equity is forming the company through Audax’ investment in Phillips & Temro Industries (“PTI”) by spinning-off PTI’s silencing business and simultaneously acquiring MIRATECH to form MIRATECH Group.
Headquartered in Tulsa, OK, with additional facilities in Minnesota and Winnipeg, MIRATECH Group offers a full suite of emission and acoustic solutions for industrial engines including catalysts, housings, silencers, control and monitoring systems and other related services. Additionally, the company provides engineered, custom system solutions for piping, platforms, general contracting and technical field services.
Geoffrey S. Rehnert, Co-CEO of Audax Group, said “The combination of MIRATECH and PTI’s silencing division allows the combined business to offer a full spectrum of emissions and noise control solutions, while continuing to offer best-in-class products and service to their respective customers. We are looking forward to backing Kevin O’Sullivan, CEO of MIRATECH Group, and his team as they grow the business organically and through strategic add-on acquisitions.”
Kevin O’Sullivan, President and CEO of MIRATECH Group, said “Combining these teams gives MIRATECH Group strong expertise in both technology and manufacturing. This larger platform provides a distinct competitive position with the resources to innovate, develop and grow in the global industrial engine space. Our goal is to be a leading provider of engineered emission and noise attenuation solutions within the North American large format industrial engine market. In addition, we are pleased to be working with Audax Private Equity to build the business through organic growth and acquisitions.”
Kirkland & Ellis LLP served as counsel to Audax Group and Phillips & Temro Industries. Stoll Keenon Ogden served as counsel to MIRATECH. Lincoln International advised MIRATECH. Medley Capital, Stellus Capital, and Bank of Oklahoma provided financing to support the transaction.
ABOUT AUDAX GROUP
Audax Group, founded in 1999, is a leading investor in lower-middle market companies. With offices in Boston, Menlo Park, and New York, Audax has over $5 billion in assets under management in its Private Equity, Mezzanine, and Senior Debt businesses. For more information visit the Audax Group website www.audaxgroup.com.
About MIRATECH
Founded in 1992 and headquartered in Tulsa, Oklahoma, MIRATECH is a leading provider of cost-effective, reliable and mission critical emissions solutions for industrial engines. The company’s product suite includes emission and acoustic engineered solutions such as catalysts, housings, silencers, control and monitoring systems and other related services. MIRATECH specializes in high specification solutions sold primarily to engine packagers, engine dealers, engineer procure and construct (EPC) contractors and end users. More information is available at http://www.miratechcorp.com.
About the Former PTI Silencing Division
Now part of MIRATECH Group, the Phillips & Temro Industries’ Silencing Division designs and manufactures silencers and exhaust system components for a multitude of industrial engine applications through two distinct brands of silencing products: EM Products® and Cowl®. The company serves leading manufacturers and distributors in various markets including power generation, off-highway, industrial mobile equipment, commercial marine and gas compression.
