The sale, marking a significant realization for the Fund IV continuation fund, represents the 11th announced or completed exit for Audax Private Equity since August 2024.
Audax Private Equity ("Audax"), a capital partner for middle and lower middle market companies, announced today it has agreed to the sale of Trexon ("The Company"), a designer and manufacturer of custom interconnect solutions for mission critical applications. The sale to Amphenol Corporation (NYSE:APH) is subject to customary closing conditions and expected to close in the fourth quarter of 2025.
Headquartered in Boston, MA, with 1,100 employees globally, Trexon delivers custom-engineered interconnect solutions, including specialty cable, cable assemblies and connectors, across a range of applications for the defense, space, and other specialty end markets. A critical partner to blue chip customers in these important segments, Trexon provides differentiated technical expertise and engineering capabilities, making the Company a partner of choice for high-reliability, customized interconnect solutions.
"On behalf of the entire team at Trexon, we want to thank Audax Private Equity for their support, collaboration, and partnership," said Mark Twaalfhoven, Chief Executive Officer, of Trexon. "This sale marks the culmination of significant growth and transformation for Trexon under Audax, including investments in our team and facilities, strategic efforts to focus on our core competencies, and the expansion of our product and capability set organically and through acquisition. We're truly excited to continue our journey of growth as part of the Amphenol family."
In 2021, Audax oversaw the formation of the Trexon platform, bringing together several interconnect businesses under a single corporate brand. Since that time, Audax supported the platform through 11 add-on acquisitions that, along with organic growth initiatives, saw the Company significantly expand its capacity, while deepening its presence in defense and space end-markets. Through this process Trexon established itself as a pure-play provider of engineered, high-reliability custom interconnect solutions for defense, space, and other specialty end-markets.
"We're incredibly proud of our partnership with Mark, the broader management team, and the employees at Trexon, for their accomplishments and what we believe to be a tremendous outcome for the Company and our investors," noted Don Bramley, a Partner at Audax Private Equity. "We want to thank Mark and the entire team at Trexon for their commitment and drive, and wish them well as they look to build upon their success as part of Amphenol."
"We think our success with Trexon demonstrates Audax' value creation strategy and the operational capabilities of our strategic resources and portfolio support groups," added Tim Porter, a Managing Director at Audax. "Executing on our value agenda in collaboration with Mark, we were able to recruit an incredibly talented management team, position Trexon as a stand-alone business, and add capacity and complementary capabilities through organic initiatives and acquisitions."
Over the past 12 months, Audax has now announced or completed four exits out of its Industrial Services & Technologies specialization, including previously announced sales of EIS, Liquid Environmental Solutions, and Thermogenics (an Origins Fund investment). Since August 1, 2024, Audax has agreed to or completed 11 exits across its Flagship and Origins strategies.
William Blair & Company L.L.C. and Guggenheim Securities L.L.C. acted as financial advisors to the sellers, while Kirkland & Ellis LLP and Fredrikson & Byron served as legal counsel.
AUDAX PRIVATE EQUITY:
Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 employees, and 100-plus investment professionals, Audax has invested in over 175 platforms and more than 1,400 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.
ABOUT TREXON:
Trexon is a leading designer and manufacturer of custom interconnect solutions for mission critical applications. Trexon's products are specifically constructed for a wide range of design challenges across high-reliability applications in defense, space, and other specialty end-markets. For more information on Trexon, please visit www.trexon.com
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