Key Takeaways
- • Audax Private Equity has agreed to sell Trexon, a Boston-headquartered designer and manufacturer of custom interconnect solutions, to Amphenol Corporation (NYSE: APH), with closing expected in the fourth quarter of 2025, subject to customary conditions.
- • The sale is a realization for the Fund IV continuation fund and marks the 11th announced or completed exit for Audax since August 2024, according to the firm's announcement.
- • Trexon employs 1,100 people globally and serves defense, space and other specialty end markets, which Audax says it expanded through 11 add-on acquisitions since the platform was formed in 2021.
- • Audax reports four exits over the past 12 months from its Industrial Services & Technologies specialization, including previously announced sales of EIS, Liquid Environmental Solutions and Thermogenics.
- • William Blair & Company and Guggenheim Securities advised the sellers, while Kirkland & Ellis LLP and Fredrikson & Byron served as legal counsel.
Summary
Audax Private Equity, a capital partner for middle and lower middle market companies, has agreed to sell Trexon to Amphenol Corporation (NYSE: APH), according to a Business Wire announcement issued from Boston and San Francisco. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2025. The sale is a significant realization for the Fund IV continuation fund and represents the 11th announced or completed exit for Audax since August 2024. No deal value was disclosed in the announcement.
Trexon is a designer and manufacturer of custom interconnect solutions for mission critical applications, headquartered in Boston with 1,100 employees globally. The company supplies specialty cable, cable assemblies and connectors for defense, space and other specialty end markets. According to the announcement, Trexon has positioned itself as a pure-play provider of engineered, high-reliability custom interconnect solutions.
Audax oversaw the formation of the Trexon platform in 2021, combining several interconnect businesses under a single brand. Since then, the firm supported eleven add-on acquisitions which, together with organic growth, significantly expanded the company's capacity and deepened its presence in defense and space end markets. Trexon CEO Mark Twaalfhoven credited Audax for investments in people and facilities, strategic focus on core competencies, and product and capability expansion, and said the company looks forward to growing as part of Amphenol. Don Bramley, a Partner at Audax, and Tim Porter, a Managing Director, described the outcome as a demonstration of Audax's value creation strategy and operational resources.
Audax also noted that over the past 12 months it has announced or completed four exits from its Industrial Services & Technologies specialization, including previously announced sales of EIS, Liquid Environmental Solutions and Thermogenics, an Origins Fund investment. Since August 1, 2024, the firm 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, and Kirkland & Ellis LLP and Fredrikson & Byron served as legal counsel.
Audax, headquartered in Boston with offices in San Francisco, New York, London and Hong Kong, reported approximately $19 billion in assets under management as of March 2025. The firm has invested in more than 175 platforms and over 1,400 add-on acquisitions since its founding in 1999.
Trexon is a designer and manufacturer of custom interconnect solutions for mission critical applications, headquartered in Boston with 1,100 employees globally. The company supplies specialty cable, cable assemblies and connectors for defense, space and other specialty end markets. According to the announcement, Trexon has positioned itself as a pure-play provider of engineered, high-reliability custom interconnect solutions.
Audax oversaw the formation of the Trexon platform in 2021, combining several interconnect businesses under a single brand. Since then, the firm supported eleven add-on acquisitions which, together with organic growth, significantly expanded the company's capacity and deepened its presence in defense and space end markets. Trexon CEO Mark Twaalfhoven credited Audax for investments in people and facilities, strategic focus on core competencies, and product and capability expansion, and said the company looks forward to growing as part of Amphenol. Don Bramley, a Partner at Audax, and Tim Porter, a Managing Director, described the outcome as a demonstration of Audax's value creation strategy and operational resources.
Audax also noted that over the past 12 months it has announced or completed four exits from its Industrial Services & Technologies specialization, including previously announced sales of EIS, Liquid Environmental Solutions and Thermogenics, an Origins Fund investment. Since August 1, 2024, the firm 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, and Kirkland & Ellis LLP and Fredrikson & Byron served as legal counsel.
Audax, headquartered in Boston with offices in San Francisco, New York, London and Hong Kong, reported approximately $19 billion in assets under management as of March 2025. The firm has invested in more than 175 platforms and over 1,400 add-on acquisitions since its founding in 1999.
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