Audax Private Equity Completes the Sale of Senneca Holdings
BOSTON--(BUSINESS WIRE)--May 14, 2018--Audax Private Equity (“Audax”), has completed the sale of Senneca Holdings, Inc. (“Senneca” or the “Company”) to Kohlberg & Company, L.L.C (“Kohlberg”), a private equity firm based in Mt. Kisco, NY.
Founded in 1932, Senneca designs and manufactures a broad portfolio of specialty doors and enclosure solutions serving a variety of end markets. The Company’s highly engineered and customized solutions include specialty glass doors, traffic doors, flexible doors, and data center enclosures under industry leading brands such as Chase™, Eliason™, Thermoseal™, TMI™, and SubZero™. Senneca is headquartered in Cincinnati, OH with global operations.
Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said “The Senneca team transformed the business from a niche leader in traffic and impact doors into a diversified specialty enclosure solutions platform by adding new products and solutions, expanding the geographical footprint, and entering new markets through organic growth and strategic acquisitions. We wish Jeffrey and his team continued success with their new partner.”
Jeffrey Stark, Chief Executive Officer, Senneca Holdings Inc., said “Audax has been instrumental in helping us to grow Senneca over the last four years. Together we have successfully transformed from Chase Doors, a leading traffic door manufacturer, to Senneca Holdings, a global manufacturer of highly-engineered specialty enclosure solutions. The Company is well positioned to continue on our growth trajectory and to deliver premium custom solutions to our customers. We look forward to the next phase of Senneca’s growth.”
Ropes & Gray LLP served as legal advisor to Senneca and Audax Private Equity. Houlihan Lokey Capital Inc. served as exclusive financial advisor to Senneca.
ABOUT AUDAX PRIVATE EQUITY
Since its founding in 1999, Audax Private Equity has been focused on building leading middle market companies. Audax has invested $4.5 billion in 113 platform and 671 add-on companies. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. Audax Private Equity is an integral part of Audax Group, an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and San Francisco, Audax Group has $12.0 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses. For more information, visit the Audax Group website www.audaxgroup.com.
ABOUT SENNECA HOLDINGS
Founded in 1932, Senneca is a leading manufacturer and distributor of specialty doors for diverse and growing industries headquartered in Cincinnati, Ohio. Senneca’s superior design and breadth of specialty doors allows Senneca to offer its customers custom products in the shortest lead times. Senneca’s family of brands includes Chase™, Chem-Pruf™, Cold Guard™, Curtron™, Door Engineering™, Eliason™, Enershield™, FibRDor™, Rubbair™, Saino™, Simplex Isolation Systems™, Tiger™, Thermoseal™, and TMI™ and are supported by twelve manufacturing facilities and one corporate office. For more information about Senneca, visit www.senneca.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180514005830/en/
CONTACT: Audax Group
Geoffrey S. Rehnert, 617-859-1503
Co-Chief Executive Officer
Jeffrey Stark, 800-543-4455
Chief Executive Officer
KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS NEW YORK
INDUSTRY KEYWORD: MANUFACTURING OTHER MANUFACTURING PROFESSIONAL SERVICES FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY
SOURCE: Audax Group
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PUB: 05/14/2018 10:18 AM/DISC: 05/14/2018 10:18 AM