Press release courtesy of Reuters | Wed Oct 16, 2013 10:25am EDT
Phillips & Temro Industries (“PTI”), a portfolio company of Audax Group, announced it has completed the acquisition of Arctic Fox LLC (“Arctic Fox”) from North River Capital LLC. Headquartered in Delano, Minnesota, Arctic Fox is a leading supplier of fuel and fluid heating products and systems. It designs and manufactures fuel and hydraulic fluid heating products and systems in the oil and gas, heavy duty truck, off-highway equipment, power sports, and other industrial markets. The acquisition of Arctic Fox expands PTI’s presence into fuel and hydraulic systems and the oil & gas and power sports end markets and provides a worldwide platform for growth.
PTI, headquartered in Eden Prairie, Minnesota, is a leading global supplier of engineered heating products, systems and controls as well as cooling, and silencing products. With facilities in the United States, Canada, Europe, and China, PTI serves the light-duty, heavy-duty truck, off-highway, power generation, automotive, and electric/hybrid vehicle end markets.
Don Bramley, Managing Director of Audax Group, said “PTI is a leading global supplier of niche heating products, systems and controls with an exceptional management team, growing end markets and a growing technology portfolio. The acquisition of Arctic Fox enhances PTI’s product offering and customer base into value added systems and the growing oil and gas markets. We will continue to grow the business in the high value-add engineered heating products, systems and controls categories with increased focus on analytical equipment, industrial, energy and other end markets.”
Jack Veach, President and CEO of Arctic Fox, said “This is an exciting development for our employees and customers. I look forward to working with Butch Sumpter and the broader PTI team. The engineering and technical resources as well as the global reach of PTI will enable us to continue to provide significant value for our global customers.”
Butch Sumpter, President and CEO of PTI, said “This acquisition is an outstanding development for PTI and our employees. Arctic Fox is a leading supplier of heating products, systems and controls, and we look forward to working with the Arctic Fox team to create further value for our customers, suppliers and employees.”
ABOUT AUDAX GROUP
Audax Group, founded in 1999, is a leading investor in lower-middle market companies. With offices in Boston 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 NORTH RIVER CAPITAL, LLC
North River Capital LLC is a privately-held equity capital firm located in Fort Wayne, IN. Founded in the summer of 2008 by members of the Rifkin family and other former OmniSource executives, the firm’s investment strategy is primarily focused on the acquisition of majority ownership in companies with significant growth potential.
Donald G. Bramley, 617-859-1535