BOSTON--(BUSINESS WIRE)--Audax Group announced it has completed the sale of LewisGoetz to ERIKS NV. Headquartered in Pittsburgh, Pennsylvania, LewisGoetz is a leading value-added distributor of industrial rubber products, with 86 locations across the United States and Canada. LewisGoetz was owned and operated since 1982 by David Goetz, who served as Chairman. Audax acquired a majority interest from Mr. Goetz in June 2007 and, along with LewisGoetz management, subsequently sourced and integrated nine add-on acquisitions over the past four years.
Geoffrey S. Rehnert, Co-CEO of Audax Group, said “Jeff Crane and his management team did a terrific job working with us to build the company through add-on acquisitions and establishing national footprints across both the U.S. and Canada. These add-on acquisitions enabled LewisGoetz to create a broad, strategic footprint and service key national accounts. We wish Jeff and his team continued success.”
Jeffrey T. Crane, President & CEO of LewisGoetz, said “Audax Group was instrumental in providing our team with the resources and tools to identify, execute and integrate strategic add-on acquisitions. This add-on acquisition strategy allowed us to grow rapidly and bring nationwide capabilities to our customer and supplier base.”
Robert W. Baird & Company represented LewisGoetz. Ropes & Gray LLP advised Audax Group.
ABOUT LEWISGOETZ
LewisGoetz, based in Pittsburgh, Pennsylvania, is a leading independent value-added distributor of fabricated rubber industrial products in North America, serving oil & gas, power generation, mining, steel, and other general industrial end markets. For further information, visit www.lewisgoetz.com.
ABOUT AUDAX GROUP
Audax Group, founded in 1999, is a leading investor in lower-middle market companies. With offices in Boston and New York, Audax manages in excess of $4.8 billion of equity, mezzanine debt, and senior loan capital. For more information visit the Audax Group website www.audaxgroup.com.