Diesel Progress Magazine
Audax Group, a Boston-based private equity firm that specializes in investing in lower-middle market companies, announced that it has acquired Phillips & Temro Industries. Financial details were not disclosed.
Headquartered in Eden Prairie, Minn., Phillips & Temro is a manufacturer of heating, cooling and silencing products for diesel, gasoline, hybrid, and electric vehicle engines. With facilities in the United States, Canada, the United Kingdom, and China, the company serves the heavy-duty truck, light-duty truck, power generation, off-road, automotive and electric/hybrid vehicle markets.
Product brands include Cowl (silencers), EM Products (large silencers and catalytic systems), Temro and Zerostart (cold weather starting products) and Truflo (high performance fans).
“PTI is a leading global supplier of niche products with an exceptional management team and growing end markets,” said Geoffrey S. Rehnert, co-CEO of Audax Group. “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.”