Middle market private equity firm (buy-and-build)

Audax Private Equity

At a glance

Assets under management$20.1B (as of July 2026) S1
Latest fundAudax Private Equity Solutions Fund (Audax Strategic Capital), $1.3B (Aug 2025) S11
EBITDA range$5M to $100M S4
Deal typesPlatform, Add-on, Minority S2
GeographyNorth America S2
SectorsHealthcare Services, Industrial & Manufacturing, Distribution, Software & SaaS, Cybersecurity, Property Management & HOA, Auto Services & Collision, HVAC, Plumbing & Electrical, Landscaping, Insurance Brokerage, Accounting & Professional Services, Transportation & Logistics, Dental

What Audax Private Equity buys

Audax Private Equity is a Boston firm, formed in 1999, with about $20.1 billion of assets under management as of July 2026. It runs three strategies. Flagship buys control of North American middle market companies with $20 million to $100 million of EBITDA and enterprise values of $200 million to $1 billion, investing from a $5.25 billion seventh fund. Origins, launched in 2022 with a $774 million first fund, buys control of lower middle market companies with $5 million to $20 million of EBITDA and values up to $200 million. Strategic Capital takes non-control stakes in companies that other private equity firms already own.

Audax works across business services, financial services, healthcare, industrial services and technology, and software. Its defining habit is buy-and-build: it counts more than 180 platforms and over 1,500 add-on acquisitions, including more than 100 add-ons in 2025 alone. For most owners, the likeliest route to Audax is as an add-on to a current platform, such as AKAM in property management, Dobbs Tire & Auto Centers in auto repair, Nextech in commercial HVAC or Monarch Landscape Companies in landscaping.

Recent deals

Announced in the 24 months before October 20, 2026.

DateCompanyTypeSectorSource
Oct 2026Rensa FiltrationAir filtration maker sold to AEA Investors and BCI; Audax keeps a minority stakeExitIndustrial & ManufacturingSource
Sep 2026GCGAgreement to sell the Chicago specialty wire, cable and connectivity distributor to RexelExitDistributionSource
Sep 2026Flow Control HoldingsAgreement for Blackstone to buy the flow components maker; Audax keeps a minority stakeExitIndustrial & ManufacturingSource
Jul 2026StatLab Medical ProductsAgreement, with Linden Capital Partners, to sell the pathology lab products maker to Leica BiosystemsExitSource
Jun 2026FDH AeroAgreement for Bain Capital to take a majority stake; Audax, the majority owner since 2017, stays a significant investorInvestmentDistributionSource
Apr 2026Sanitary Solutions GroupAdded to Flow Control Holdings; Audax counts it as its 1,500th add-onAdd-onIndustrial & ManufacturingSource
Mar 2026Alliance Ground InternationalAirport cargo and ground services company sold, with Greenbriar, to Lone Star FundsExitTransportation & LogisticsSource
Mar 2026AKAMNew York and Florida property manager for condos, co-ops and HOAs, bought from Nautic Partners; management staysPlatformProperty Management & HOASource
Feb 2026Colony HardwareJobsite construction supplies distributor sold to White CapExitDistributionSource
Jan 2026Strickland BrothersStrategic Capital structured equity in a quick-lube chain of nearly 300 locations owned by Princeton Equity GroupMinorityAuto Services & CollisionSource
Jan 2026KeystoneMajority stake in a technology, economics and strategy advisory firmPlatformAccounting & Professional ServicesSource
Dec 2025Enviromatic SystemsBuilding management systems services company sold by the Origins strategy to Wind Point PartnersExitSource
Aug 2025ElevatePFSInvestment with Parthenon Capital in a hospital eligibility and revenue cycle services companyInvestmentHealthcare ServicesSource
Aug 2025TrexonAgreement to sell the custom interconnect and cable maker to AmphenolExitIndustrial & ManufacturingSource
Aug 2025Audax Private Equity Solutions FundFirst Strategic Capital fund closed above target with about $1.3 billion including related vehiclesFund closeSource
Aug 2025GovOSState and local government software company sold to NeumoExitSoftware & SaaSSource
Jul 2025Liquid Environmental SolutionsNon-hazardous liquid waste company sold to Goldman Sachs Alternatives after 13 add-ons under AudaxExitEnvironmental & WasteSource
Jul 2025StoutAdvisory and valuation firm sold to Integrum HoldingsExitAccounting & Professional ServicesSource
Jun 2025ThermogenicsBoiler service company, the first Origins exit, sold to Morgan Stanley Capital PartnersExitHVAC, Plumbing & ElectricalSource
Jun 2025CW AdvisorsAgreement to sell the Boston wealth advisor to OsaicExitWealth ManagementSource
Mar 2025Lanter Delivery SystemsMajority stake in an overnight parts delivery network, bought from Equity Group InvestmentsPlatformTransportation & LogisticsSource
Mar 2025FortisJoint investment with Lovell Minnick Partners in an embedded payments companyInvestmentSoftware & SaaSSource
Feb 2025Proud MomentsABA autism therapy provider sold to Nautic PartnersExitHealthcare ServicesSource

Portfolio by sector

From the firm's portfolio page S6.

Business Services

  • FDH Aero
  • Beacon Mobility
  • Lanter Delivery Systems
  • Salon Lofts
  • Monarch Landscape Companies
  • DISA Global Solutions
  • Centerline
  • Revolution Dancewear

Financial Services

  • AKAM
  • Keystone
  • Fortis
  • Doeren Mayhew
  • Oakbridge Insurance

Healthcare

  • ElevatePFS
  • Resonant Clinical Solutions
  • Pyramid Pharma Services
  • Aspen Surgical
  • GCX Healthcare Solutions
  • Panoramic Health
  • New Story
  • HOPCo
  • Elevate ENT Partners
  • Phoenix Physical Therapy
  • Active Day
  • 42 North Dental

Industrial Services & Technologies

  • Krayden
  • Dobbs Tire & Auto Centers
  • Flow Control Holdings Active, majority sale pending
  • Ezurio
  • Solve Industrial Motion Group
  • SJE
  • Justrite Manufacturing Company
  • Covercraft
  • Nextech
  • GCG Active, sale pending
  • ICP Group

Software & Technology

  • GuidePoint Security
  • Flashpoint
  • Team Cymru
  • Integrate
  • Jitterbit
  • Kofile

Strategic Capital

  • AMAROK
  • Azurity Pharmaceuticals
  • Strickland Brothers
  • TCP Analytical
  • DMI Solutions
  • The Gardner School
  • Everservice

Other

  • Medi-Weightloss

Greymont’s take

How Audax Private Equity fits a seller

Audax is one of the most active add-on buyers in the US, so an owner in property management, auto repair, commercial HVAC, landscaping, accounting or insurance brokerage has a real chance of selling to one of its platforms. Those platforms keep buying: AKAM had made six acquisitions since 2022 before Audax bought it in 2026, and Liquid Environmental Solutions made 13 acquisitions under Audax before it was sold in 2025.

Owners with $5 million to $20 million of EBITDA can also be a new platform for the Origins strategy. Its first two exits, Thermogenics and Enviromatic Systems, came roughly three years and two and a half years after purchase. Audax often keeps the existing management team, as it did at AKAM. Because Audax plans to sell within a few years, either to another private equity firm or to a larger company in the same industry, owners who roll equity should ask how long Audax expects to hold the business and how the next sale would be run.

Questions owners ask

Does Audax buy property management companies?

Yes. In March 2026 Audax announced it had bought AKAM, a New York property manager for condominiums, cooperatives and homeowner associations, from Nautic Partners. Audax said it plans further acquisitions to build out AKAM's national footprint.

What size company does Audax look for?

Its Flagship strategy targets $20 million to $100 million of EBITDA and enterprise values of $200 million to $1 billion. Its Origins strategy targets $5 million to $20 million of EBITDA and values up to $200 million. Smaller businesses usually join an existing platform as an add-on.

Does Audax buy auto service businesses?

Yes. It owns Dobbs Tire & Auto Centers, which handles routine and complex vehicle repairs. In January 2026 its Strategic Capital fund also made a structured equity investment in Strickland Brothers, a quick-lube chain with nearly 300 locations that is controlled by Princeton Equity Group.

How many add-on acquisitions has Audax completed?

Audax reached its 1,500th add-on in April 2026, when Flow Control Holdings bought Sanitary Solutions Group. It says its companies completed more than 100 add-ons during 2025, which ranked it sixth among the most active US private equity acquirers.

Sources

  1. S1Audax Private Equity home page (AUM as of July 2026) Accessed October 20, 2026
  2. S2Audax Private Equity: About Accessed October 20, 2026
  3. S3Audax Private Equity: Flagship strategy Accessed October 20, 2026
  4. S4Audax Private Equity: Origins strategy Accessed October 20, 2026
  5. S5Audax Private Equity: Strategic Capital Accessed October 20, 2026
  6. S6Audax Private Equity: Portfolio Accessed October 20, 2026
  7. S7Audax Private Equity: News & Insights Accessed October 20, 2026
  8. S8Audax Private Equity Acquires AKAM (March 17, 2026) Accessed October 20, 2026
  9. S9Audax Private Equity Completes 1,500th Add-On Acquisition (May 2026) Accessed October 20, 2026
  10. S10Audax Private Equity Raises $7.8 Billion for Flagship Fund and Origins Fund I (July 11, 2023) Accessed October 20, 2026
  11. S11Audax Strategic Capital Raises $1.3 Billion (August 13, 2025) Accessed October 20, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Audax Private Equity. Figures are as reported on the dates shown and may have changed. Request a correction

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