Audax Group combines Arnco, Dura-Line
April 3, 2007 -- Audax Group announced that it has completed the acquisition and merger of Arnco Corporation, from private owners, and Dura-Line Corporation, from Sun Capital Partners, Inc.
Headquartered in Cleveland, Ohio and Knoxville, Tennessee, respectively, both Arnco and Dura-Line manufacture and distribute extruded high-density polyethylene (HDPE) duct, pipe, and conduit products for the telecom, power utility, electrical, and cable markets.
With locations in the United States, Mexico, India and the Czech Republic, the combined companies will serve customers worldwide, says Aucax. Robert F. Smith and Paresh Chari, chief executive officers of Arnco and Dura-Line, respectively, will continue to lead the combined entity.
"Arnco and Dura-Line presented us with a unique opportunity to combine two strong companies and create an industry leader with a broad product offering and global footprint," comments Geoffrey S. Rehnert, co-CEO of Audax Group. "We look forward to working with Robert Smith and Paresh Chari to build the combined entity through organic growth and strategic add-on acquisitions."
"This is an exciting outcome for Arnco's employees and customers," remarks Smith, chairman of the combined entity. "The management team, together with the experience and resources of Audax Group, will enable the combined Arnco Dura-Line to better serve our customers."
"Dura-Line has been fortunate to have Sun Capital as our partner for the last few years," adds Chari, president and CEO of the combined entity. "We are excited to be working with Audax Group and feel their experience working with and integrating middle market companies will help make the Arnco Dura-Line combination a success."
Kirkland & Ellis LLP advised Audax Group. Western Reserve Partners, LLC advised Arnco, while Stifel, Nicolaus & Company, Inc. advised Dura-Line. Madison Capital Funding, LLC provided senior debt financing and Apollo Investment Corporation provided mezzanine debt financing.