Audax’s press release did not disclose financial details of the transaction.
Aavid is a designer and manufacturer of thermal management products that seek to dissipate heat that might otherwise cause failure in a wide range of electronic and industrial systems, Audax said.
In a separate press release, Nautic Partners LLC said it was the seller.
In a statement, Geoffrey S. Rehnert, co-chief executive of Audax Group, said: “Aavid is a leading global provider of high-performance thermal management products. We look forward to working with Alan Wong and his team to grow the business geographically, through product line and end market expansion, and through strategic add-on acquisitions.”
Audax Group focuses on lower- and middle-market companies. With offices in Boston and New York, Audax has over $5 billion in assets under management in its private equity, mezzanine, and senior debt funds.