BOSTON--(BUSINESS WIRE)--Audax Group announced it has completed the acquisition of Silent Preferred Partners, LLC (“SPP”). Headquartered in Salem, Virginia, SPP operates two facilities in the United States and one in Canada that assemble axles, chassis, and diesel engines for Class 8 truck manufacturers. SPP’s assembly work is complex and highly customized, with more than 200 assembly operations per unit and more than 95% of daily production consisting of unique configurations. Jerry M. Callahan, Chief Executive Officer of SPP, will continue to lead the management team.
Geoffrey S. Rehnert, Co-CEO of Audax Group, said "SPP is benefiting from the continuing trend toward outsourced manufacturing and is focused on complex assemblies for the Class 8 truck market. We look forward to working with management to expand the customer base and penetrate new markets.”
Jerry M. Callahan, CEO of SPP, said “We are excited to be working with Audax Group. I am confident their experience working with middle market companies will be valuable as we build our business.”
Ropes & Gray LLP advised Audax Group. NewStar Financial, Inc. (NASDAQ: NEWS) provided 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, Audax manages in excess of $2.4 billion in equity and mezzanine debt capital. For more information visit the Audax Group website http://www.audaxgroup.com