MACEDONIA, Ohio—TPC Wire & Cable Corp. has been sold by Chicago-based private equity group Pfingsten Partners to Audax Group, a Boston-based private equity firm.
Macedonia-based TPC distributes wire and cable products to a variety of industries, including rubber, oil and gas, food and beverage, automotive, steel, utility, mining and government, among others.
The firms did not disclose financial details of the transaction, but TPC said all 165 employees will be retained and that the company is in the process of hiring more workers.
An official at TPC said via email that Audax has a number of firms the company will work with in order to leverage product capabilities.
“TPC is a leading provider of branded wire, cable and connectors for harsh applications with an unparalleled reputation for providing innovative products and exceptional service to their customers,” Audax co-CEO Geoffrey Rehnert said in a news release.
TPC covers all of North America through its facility in Macedonia, with exclusive stock distribution partners in Mexico, Chile and Peru.
“Audax has a track record of helping teams execute aggressive add-on acquisition strategies that will complement our growth initiatives and further enhance our ability to offer our customers premium products and service levels,” a TPC official said via email.
Audax is a diversified group focused on companies with strong growth potential in two primary sectors consisting of various markets: Business and consumer services—such as energy, health care, technology, media and telecom; and industrial chemicals—such as industrial materials and building products, distribution and manufacturing. TPC serves a variety of these industries with its high-quality electrical cord and cable for harsh environments.
Recently, TPC said it has added a patented locking connector that it is marketing aggressively to the temporary power markets and the nuclear industry.
Audax manages more than $6 billion in assets in its private equity, mezzanine and senior debt businesses.