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Business Wire
a day ago
- Business
- Business Wire
Audax Private Equity Completes Exit of Stout
BOSTON & SAN FRANCISCO--(BUSINESS WIRE)--Audax Private Equity ('Audax'), a capital partner for middle and lower middle market companies, announced today that it has completed the sale of Stout, a global advisory firm. New York-based Integrum Holdings LP acquired Stout through the transaction, the terms of which were not disclosed. The sale was completed on July 16, 2025. Headquartered in Chicago with over 1,000 employees across North America, Asia, and Europe, Stout is a global advisory firm specializing in corporate finance, accounting and transaction advisory, valuation, financial disputes, claims, and investigations. Audax made a strategic investment in Stout in 2021. 'When we first invested in the company, we were drawn to the strength of the management team and depth of the firm's client relationships,' noted Bill Allen, a Managing Director at Audax Private Equity and head of the firm's Financial Services specialization. 'We're proud of the collaboration and work that went into building upon this foundation. We want to thank the entire Stout team for their partnership over the past four years.' 'Coupled with the diversity of their business and client roster, Stout proved to be a compelling platform through which to execute our 'value agenda,' which is Audax' comprehensive, multi-layered approach to value creation,' added Adam Abramson, a Partner at Audax. 'We are looking forward to watching Stout build on this momentum in the years to come.' During Audax' hold, Stout saw its employee count and top- and bottom-line performance each grow by more than two times. This was fueled by deep investments in the company's talent and human capital, as well as 10 acquisitions that complemented organic growth initiatives and accelerated the build out of certain segments, such as Stout's Valuation Advisory practice and its Disputes, Compliance & Investigations business line. 'Audax Private Equity clearly understands 'people' businesses and recognizes the importance of investing in the team and aligning interests to set the stage for accelerated growth,' noted Craige Stout, Chief Executive Officer of Stout. 'Audax also demonstrated an intimate understanding of the financial services space. And beyond the extensive resources they brought to the table, the sense of partnership and focus on the future really reinforced our culture of innovation and client service.' Over the past two months, Audax has announced or completed two exits out of its Financial Services specialization, which was launched in 2021. In addition to Stout, Audax agreed to sell CW Advisors, a transaction that's expected to close in the third quarter. Since June of last year, Audax has agreed to or completed nine exits across its Flagship and Origins strategies. William Blair & Company acted as financial advisor and Winston & Strawn LLP and Ropes and Gray LLP served as legal counsel to Stout. Simpson Thacher & Bartlett LLP served as legal counsel to Integrum. ABOUT AUDAX PRIVATE EQUITY: Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 employees, and 100-plus investment professionals, Audax has invested in 175 platforms and more than 1,400 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit or follow us on LinkedIn. ABOUT STOUT: Stout is a global advisory firm specializing in corporate finance, accounting and transaction advisory, valuation, and financial disputes, claims, and investigations. Stout serves a range of clients, from public corporations to privately held companies in numerous industries. Our clients and their advisors rely on our premier expertise, deep industry knowledge, and unparalleled responsiveness on complex matters. Stout is a trade name for Stout Risius Ross, LLC, Stout Advisors SA, Stout Bluepeak Asia Ltd., Stout GmbH, MB e Associati S.r.l., Stout Park Ltd, and Stout Capital, LLC, a FINRA-registered broker-dealer and SIPC member firm. Learn more at
Business Wire
18-06-2025
- Business
- Business Wire
Audax Private Equity's Origins Strategy Completes Thermogenics Exit
BOSTON & SAN FRANCISCO--(BUSINESS WIRE)--Audax Private Equity ('Audax'), a capital partner for middle and lower-middle market companies, announced today that it has completed the sale of Thermogenics, a provider of industrial and commercial boiler service and maintenance across North America. Morgan Stanley Capital Partners ('MSCP') acquired Thermogenics as part of a new investment in the company that closed on June 10, 2025. Terms of the deal are not disclosed. 'Thermogenics represented our very first investment through our Origins strategy,' noted Greg Smith, a Managing Director at Audax Private Equity. 'As the strategy's first exit – almost three years to the day since we closed the acquisition – we think the investment demonstrates the impact of our Buy & Build approach to help lower middle market companies create a foundation for accelerated growth and provide management teams with the tools and resources to execute on their vision through M&A and organic value creation initiatives.' 'When we initially partnered with Audax, the scale and depth of resources stood out,' noted Ross Garland, Chief Executive Officer of Thermogenics. 'Now, in hindsight, the collaboration of their Strategic Resources Group, the breadth of Audax' business development and sourcing function, and the deep experience of the investment team, each played a critical role in positioning Thermogenics to capitalize on the opportunity set in front of the business. We're looking forward to building on this momentum and embarking on our next phase of growth with MSCP.' Based in Aurora, Ontario, and with over 250 employees, Thermogenics is a provider of boiler lifecycle solutions to a diverse set of commercial and industrial customers. Under Audax' ownership, Thermogenics expanded its executive team and added key roles to facilitate growth; upgraded and enhanced its IT infrastructure, including the implementation of a new ERP system; and completed and integrated six acquisitions that expanded the company's geographic footprint in the U.S., while enhancing its service offering. During the hold, Thermogenics' top- and bottom-line performance more than doubled. The investment in Thermogenics was made through Audax' debut Origins Fund, announced in 2023, which closed above target with $965 million, inclusive of GP co-investment vehicles, to deploy across the North American lower middle market. 'Throughout our hold, we leveraged our deep experience in Industrial Services & Technologies, a sector where we have completed over 60 platform investments through our Flagship and Origins strategies and have deployed over $3 billion,' noted Don Bramley, a Partner at Audax Private Equity. 'We want to thank Ross and the entire management team at Thermogenics,' added Jay Mitchell, a Partner at Audax Private Equity. 'When we launched our Origins strategy in 2022, our objective was to leverage our deep investment in our organization and extend our Buy & Build approach to lower middle market companies. Our conviction in the strategy, the investment thesis, and the management team translated into what we consider to be a tremendous outcome for Thermogenics, Audax and our investors. It's an investment we're proud of and believe helps to set the tone for our strategy going forward.' Solomon Partners served as sell-side lead advisor, while KeyBanc Capital Markets served as co-advisor. Kirkland & Ellis LLP provided legal counsel to the sellers, while Debevoise & Plimpton LLP served in the same capacity to MSCP. ABOUT THERMOGENICS: Thermogenics is a provider of boiler lifecycle solutions in North America, offering boiler service & maintenance, equipment sales, and rental solutions for its customers' mission critical boilers in industrial, commercial, and institutional sectors. With 24/7 factory-trained technician support and its boiler rentals solution set, Thermogenics and its affiliated brands function as a one-stop shop for its customers' most complex steam and heating needs. Headquartered in Aurora, ON, Thermogenics operates across North America with locations in Ottawa, ON, Cincinnati, OH, Jacksonville, FL, Orlando, FL, Sioux City, IA, West Hartford, CT, Greensboro, NC, Apache Junction, AZ and Las Vegas, NV. ABOUT AUDAX PRIVATE EQUITY: Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 team members, and 100-plus investment professionals, Audax has invested in more than 175 platforms and over 1,350 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit or follow us on LinkedIn.
Business Wire
17-06-2025
- Business
- Business Wire
Audax Private Equity Announces Sale of CW Advisors
BOSTON & SAN FRANCISCO--(BUSINESS WIRE)--Audax Private Equity ('Audax' or 'the firm'), a capital partner for middle and lower middle market companies, announced today it has agreed to the sale of CW Advisors, LLC ('CWA'), a registered investment advisor (RIA) managing $13.5 billion in fee-only client assets. Osaic, Inc. ('Osaic'), a portfolio company of Reverence Capital Partners, is acquiring CWA. Terms of the deal are not disclosed. The transaction is expected to close in the third quarter subject to customary closing conditions. Headquartered in Boston with 17 offices across the country and over 140 employees, CW Advisors (FKA: Congress Wealth Management, LLC) serves high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients, offering core wealth management and investment advisory services. During Audax Private Equity's roughly two-year hold, CWA saw its assets under management more than double through a combination of organic and inorganic growth. Osaic is one of the nation's largest providers of wealth management solutions and is acquiring CWA to build scale in its fee-only channel. CW Advisors will retain its brand, management team, and client service model as an independent RIA. Existing employee shareholders will retain a meaningful equity stake, and the transaction includes continued equity participation from Audax. 'When we first invested in CW Advisors, we were drawn to the strength of the firm's management team, its track record of AUM and revenue growth, and the opportunity to leverage our Buy & Build model to help the team capitalize on the opportunity set in front of the business,' noted Bill Allen, a Managing Director at Audax and Head of the firm's Financial Services specialization. 'The pace and volume of growth have exceeded even our own expectations, which traces back to the sense of partnership between Audax and the entire CWA team,' added Jay Petricone, a Managing Director at Audax and member of the firm's Financial Services vertical. Since July of 2023, CW Advisors completed 10 acquisitions that helped to expand its geographic footprint and suite of services. The M&A activity complemented strategic initiatives to invest in CWA's family office business, in addition to corporate investments in CWA's IT infrastructure, Office of the CFO, and marketing efforts to help scale the organization and accelerate organic growth. 'Audax clearly understands 'people' businesses and recognizes the importance of investing in the team and aligning interests to set the stage for accelerated growth,' noted Scott Dell'Orfano, Chief Executive Officer of CWA. 'Audax was a collaborative and constructive partner. They demonstrated an intimate understanding of the wealth management space and helped us pursue a thoughtful approach to growth that helped position CWA as an acquirer and partner of choice.' 'Following the sale of Stout, also announced in June, the realization of CWA marks the second exit out of our Financial Services specialization, which we launched in 2021,' noted Adam Abramson, a Partner at Audax. 'A common thread between the two investments is that we sought to work with exceptional management teams, we trusted and supported their visions for growth, and we believe both represent tremendous outcomes for management, the firms, Audax, and our investors.' Including the announced deals for CWA and Stout, Audax, as of June 13 th, has secured eight realizations across its Flagship and Origins strategies over the previous 12 months. Ardea Partners LP served as lead advisor to CWA on the sale and Houlihan Lokey also served as an advisor, while Kirkland & Ellis LLP and Winston & Strawn LLP provided legal counsel. ABOUT AUDAX PRIVATE EQUITY: Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 team members, and 100-plus investment professionals, Audax has invested in more than 175 platforms and over 1,350 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit or follow us on LinkedIn. ABOUT CW ADVISORS CW Advisors, LLC is an SEC-registered investment management firm headquartered in Boston, developing innovative wealth solutions for high-net-worth and ultra-high-net-worth individuals, families, foundations, and endowments. CW Advisors, through superior service and sound, objective advice, offers financial planning and investment consulting and management services, tailored to each client's unique needs to protect and grow assets. CW Advisors provides specialized family office services to meet the distinctive needs of ultra-high-net-worth and multigenerational families. Registration does not imply a certain level of skill or training. For more information, visit
Associated Press
02-06-2025
- Business
- Associated Press
Stout Announces New Investment Partnership With Integrum Seeking to Continue Accelerated Growth Trajectory
CHICAGO, June 2, 2025 /PRNewswire/ -- Stout, a leading global advisory firm, announced today that it has entered into a new strategic partnership with Integrum Holdings LP ('Integrum'), a private investment firm focused on partnering with technology-enabled services companies in the financial and business services sectors. Funds advised by Integrum will invest alongside Stout's employee shareholders to support the firm's continued expansion objectives. As part of the transaction, Stout's management team will remain in place, and existing employee shareholders will retain a meaningful equity stake. The transaction is expected to close in the third quarter of 2025 subject to customary closing conditions. This new partnership follows a successful and highly collaborative relationship with Audax Private Equity ('Audax'), which first invested in Stout in November 2021 through its Flagship strategy. Over the course of the partnership, Audax provided strategic and financial support that enabled Stout to expand its platform, double headcount, complete ten acquisitions, and accelerate its growth across geographies and service lines. 'We are deeply grateful to Audax for their partnership and support over the past three and a half years,' said Craige Stout, Chief Executive Officer of Stout. 'They have been instrumental in helping us further scale our business, and we are proud of what we accomplished together. As we look ahead, we are thrilled to welcome Integrum, whose team brings experience, insight, and common values that align perfectly with our ambitions for the future.' Jeff Risius, Co-Head of Client Service at Stout, added, 'This is a natural next step for Stout. Integrum's long-term mindset, strategic expertise, and focus on people and culture make them the ideal partner for our next phase of growth.' Tagar Olson, Founding Partner at Integrum, said, 'Stout is a global firm with a reputation for excellence, a strong leadership team, and a clear growth trajectory. We are excited to support their continued expansion and to partner with a firm so deeply committed to client success and employee ownership.' Bill Allen, Managing Director at Audax and Head of the firm's Financial Services specialization, commented, 'It has been a privilege to partner with the outstanding team at Stout. Over the past several years, we have watched the firm grow significantly in scale, capability, and market presence, all while staying true to its culture of 'Relentless Excellence®'. We are confident that Stout is well-positioned for continued success. We wish Craige, Jeff, and the entire Stout team the very best as they begin this exciting next chapter with Integrum.' William Blair & Company acted as financial advisor and Winston & Strawn LLP and Ropes and Gray LLP served as legal counsel to Stout. Simpson Thacher & Bartlett LLP served as legal counsel to Integrum. About Stout Stout is a global advisory firm specializing in corporate finance, accounting and transaction advisory, valuation, and financial disputes, claims, and investigations. Stout serves a range of clients, from public corporations to privately held companies in numerous industries. Our clients and their advisors rely on our premier expertise, deep industry knowledge, and unparalleled responsiveness on complex matters. Stout is a trade name for Stout Risius Ross, LLC, Stout Advisors SA, Stout Bluepeak Asia Ltd., Stout GmbH, MB e Associati S.r.l., Stout Park Ltd, and Stout Capital, LLC, a FINRA- registered broker-dealer and SIPC member firm. Learn more at About Integrum Integrum is an investment firm focused on partnering with technology-enabled services companies in the financial and business services sectors. The firm was founded by a team of proven leaders with a vision to build a different type of investing platform benefiting from their diverse and complementary backgrounds and vast relationship network. Integrum's approach is to build a concentrated portfolio of high-conviction investments. Integrum aims to accelerate growth through investments in technology and other forms of innovation and by partnering with management teams to enhance access to talent, relationships, and capabilities. Learn more at About Audax Private Equity Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 employees, and 100-plus investment professionals, Audax has invested in 175 platforms and 1,350 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit or follow us on LinkedIn. View original content to download multimedia: SOURCE Stout
