BARBERTON, Ohio—Audax Private Equity has partnered with Preferred Compounding Corp. to purchase the custom mixer from Wingate Partners, a Dallas-based equity firm.
Barberton-headquartered Preferred Compounding employs more than 400 at its four plants— located in Georgia, Tennessee, Mexico and Barberton—and claims it has grown into the second largest custom rubber compounder in North America since it was acquired by Wingate and Preferred Compounding managers in 2010.
An official at Audax said it was acquiring Preferred Compounding because of its growth during the last few years and its great potential for further growth.
“We help transform market leaders into substantially larger and better-positioned enterprises by building close partnerships with strong management teams,” according to Geoffrey S. Rehnert, co-CEO of Audex, an integral part of Audex Group, which manages more than $9 billion in assets across its private, mezzanine and senior debt businesses.
He said Audex looked forward to working with and supporting Preferred Compounding's managers to enhance the company's comprehensive capabilities and services.