BOSTON – Audax Group, a lower middle-market investment firm, has acquired Phillips & Temro Industries (PTI).
 
Headquartered in Eden Prairie, Minn., PTI is a manufacturer of heating, cooling and silencing products for diesel, gasoline, hybrid and electric vehicle engines. With facilities in the U.S., Canada, the U.K. and China, PTI serves the heavy-duty truck, light-duty truck, power generation, off-road, automotive and electric/hybrid vehicle end-markets.
 
Geoffrey Rehnert, co-CEO of Audax Group, said, “PTI is a leading global supplier of niche products with an exceptional management team and growing end-markets. We look forward to working with Butch Sumpter and his team to build PTI into a leading global thermal management platform through add-on acquisitions, organic growth and building out the EV/hybrid product line.”
 
Butch Sumpter, president and CEO of PTI, added, “We are excited to have Audax Group as our new partner as we embark on our next stage of growth. Their operational expertise and experience working with middle-market companies to expand globally will be valuable assets as we continue to grow our business.”