The sale confirms a late November report from The Deal, noting that a Robert W. Baird & Co.-led process for the $110 million-in-Ebitda company was nearing a close. Sources told The Deal at the time the auction could yield a price tag above $1 billion.
Audax picked up RelaDyne in July 2016 from AEA Investors LP for an undisclosed sum. Audax, which invested in RelaDyne through its $2.25 billion fifth fund, added 17 businesses to the platform, most recently bolting on Chicago-based automotive lubricants supplier Enterprise Oil Co. on Oct. 14.
Stephens, which advised RelaDyne on the Enterprise Oil deal and two more of the company’s most recent bolt-ons, was co-financial adviser to the company and its PE owner on Thursday’s sale to American Industrial. Kirkland & Ellis LLP provided legal counsel to the sellers.
American Industrial tapped BMO Capital Markets Corp. for financial advice and Jones Day for legal counsel.
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