Audax’s press release did not disclose financial details of the transaction.
Aavid is a designer and manufacturer of thermal management products that seek to dissipate heat that might otherwise cause failure in a wide range of electronic and industrial systems, Audax said.
In a press release, Nautic Partners LLC, a Providence-based private equity firm, said it was the seller.
In a statement, Geoffrey S. Rehnert, co-chief executive of Audax Group, said: “Aavid is a leading global provider of high-performance thermal management products. We look forward to working with Alan Wong and his team to grow the business geographically, through product line and end market expansion, and through strategic add-on acquisitions.”
Audax Group focuses on lower- and 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 funds.
At Nautic Partners, managing director Doug Hill said in a statement: “We are very fortunate to have partnered with an outstanding management team at Aavid. During the last two years the company has experienced exceptional growth thanks to the efforts of the team, the high-quality of Aavid’s products, and the secular trend toward hotter, more-powerful electronics that demand Aavid’s engineered thermal solutions.”