Boston-based Audax Group has bought Dynisco from Chicago-based private equity firm Madison Capital Partners. Financial terms of the deal were not disclosed.
Dynisco produces a range of test and measurement equipment used during plastics manufacturing. The units sold include Massachusetts-based Dynisco Instruments and Dynisco Test; North Carolina-based Dynisco Extrusion; and Germany-based Dynisco Europe.
Dynisco sells its products to original equipment manufactures, which use its parts in new machines, as well as resin producers and end users served directly and through distributors. According to the press statement, Audax plans to use Dynisco as a platform for 'multiple acquisitions in companies complementary to Dynisco's core business.'
Audax Group was founded in 1999 by Geoffrey Rehnert and Marc Wolpow, two former Bain Capital executives. It consists of three groups, Audax Private Equity, Audax Venture Capital, and Audax Mezzanine, each with its respective fund.
The firm's $500 million Audax Private Equity Fund closed in early 2000, and invests in middle-market and growth-stage companies in industries including healthcare, media and technology.