Audax seals 3x return exiting TriMark USA to Warburg Pincus

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TriMark USA 2The Audax Group has reportedly tripled its initial investment in TriMark USA by selling the company to fellow private equity firm Warburg Pincus after an eight-year holding period.

Financial terms were not disclosed by Audax, but peHub reported the exit multiple citing an unnamed source.

Audax bought the business in 2006 through its $700m second fund, which it closed a year earlier.

In the time the company, which provides restaurant and food services equipment, design and remodelling services, has grown its revenues from $260m to more than $1bn.

Audax co-CEO Geoffrey Rehnert said, “Jerry and the TriMark team have done an exceptional job growing the company organically and through 6 acquisitions to create the clear leader in the industry and a company capable of serving both local markets and national accounts.

“We wish TriMark continued success on the next leg of growth with its new partner.”

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