PROVIDENCE – Middle-market private equity firm Nautic Partners LLC has completed the sale of Aavid Thermalloy LLC to an investor group led by Audax Private Equity, Nautic announced Wednesday.
The financial terms of the deal were not disclosed.
“I’ve been very pleased to work with Nautic,” Alan Wong, CEO of Aavid, said in prepared remarks. “During Nautic’s ownership, Aavid expanded its position in its core industries, developed good positions in exciting new markets, and strengthened its market leadership. This is an excellent outcome for Aavid’s shareholders, customers and employees, and we look forward to continued success.”
Headquartered in Concord, N.H., Aavid is a designer and manufacturer of high-performance thermal management products. According to a release, Aavid’s products are used to dissipate heat and maintain optimal temperatures of electrical components used in servers, telecommunications equipment, transportation systems and industrial electronics.
“We are very fortunate to have partnered with an outstanding management team at Aavid,” Doug Hill, managing director of the Providence-based Nautic, said in a statement. “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.”
During the sale, Edgeview Partners served as financial adviser to Aavid, while Edwards Wildman Palmer LLP acted as the company’s legal counsel.