BDO Capital Advisors Announces the Partnership of Neptune-Benson, Inc. with Audax Group
Boston, MA – August 11, 2011 - BDO Capital Advisors, LLC is pleased to announce the closing of a transaction between Neptune-Benson, Inc. (“Neptune-Benson” or the “Company”) and Audax Group (“Audax”). As the exclusive financial advisor to NeptuneBenson, BDO Capital prepared a confidential offering memorandum, identified and contacted a targeted group of potential buyers and assisted management in structuring and negotiating the transaction.
Neptune-Benson, a family-owned business based in Coventry, Rhode Island, offers one of the most comprehensive lines of filter systems, recirculation systems and accessories worldwide and is recognized by industry professionals for its unsurpassed technical acumen. Since its inception more than 50 years ago, the Company has enjoyed widespread recognition of its branded products, which have attracted over 10,000 clients worldwide including such premiere accounts as Disney Resorts, Legoland, SeaWorld, and the Georgia Aquarium. Neptune-Benson targets customers in key niche end markets that are characterized by high product specification requirements, creating a barrier to entry and the ability to generate industry-leading gross margins.
The Investor, Audax, was founded in 1999 with offices in Boston and New York and focuses on investments in middle market companies. Audax manages over $4.8 billion of capital through its private equity, mezzanine debt, and senior secured debt funds. The Audax Private Equity team, located in Boston, includes more than 60 professionals focused on investing across a variety of industries, with 40% of platform investments made in manufacturing businesses. Audax Private Equity seeks to acquire controlling interests in small cap and lower-middle market companies and invests equity of $10 million to $100 million in transactions valued between $15 million and $250 million.
BDO Capital Advisors sourced this transaction from its own proprietary referral network.