Audax Group
Audax Private Equity uses Flagship and Origins for control investments in North American middle-market companies and Strategic Capital for flexible capital solutions across North America and Europe.
What stands out about Audax Group
Audax Group's publicly stated private equity criteria vary by strategy: Flagship targets $20M-$100M EBITDA and $200M-$1B TEV; Origins targets $5M-$20M EBITDA and up to $200M TEV; Strategic Capital cites $10M-$100M+ EBITDA, $50M-$200M+ investment size, and $50M-$200M+ TEV.[1][2][3][4][5][6][7][8]
What does Audax Group invest in?
Audax Group presents itself as a capital partner for middle-market companies through Audax Private Equity and Audax Private Debt. Audax Private Equity was formed in 1999 and manages three strategies: Flagship, Origins, and Audax Strategic Capital.
The SEC Investment Adviser Public Disclosure record lists AUDAX PRIVATE EQUITY, with alternate names including AUDAX GROUP and AUDAX MANAGEMENT COMPANY, LLC, as an investment adviser firm with SEC registration effective March 30, 2012. This record applies to the identified Audax Private Equity adviser record and does not establish the regulatory status of every Audax affiliate or fund vehicle.[1][2][10]
Audax Private Equity describes a Buy & Build strategy supported by the Audax Value Agenda. The Flagship strategy pursues control investments in North American middle-market platforms and pairs sector expertise with a systematic operating model.
Audax reports more than 180 platform investments and more than 1,500 add-on acquisitions since inception. Audax Strategic Capital provides flexible capital solutions to sponsors and portfolio companies, including support for continued ownership, liquidity, cross-fund transactions, and portfolio management.[3][4][5][6]
Owners evaluating a financial buyer can compare the offer with independent valuation analysis, understand how acquirers approach transactions through Auxo’s buy-side M&A process guide, and consider whether a full or partial sale best fits their objectives.
What should a business owner evaluate before considering a transaction with Audax Group?
An owner evaluating a sale or sponsor partnership should clarify which Audax strategy and fund would evaluate the company, whether the proposed transaction would be a control or non-control investment, and how the applicable EBITDA, TEV, investment-size, and geographic criteria would apply. Owners may also wish to ask about management participation, rollover equity, add-on acquisition resources, ownership duration, exit approach, valuation, financing assumptions, governance, indemnity terms, and transaction expenses.
The public information establishes different strategy lanes and published criteria, but does not establish transaction-specific terms for an individual company.[2][4][5][6]
What companies does Audax Group target?
Published criteria differ by strategy. Flagship targets $20M-$100M EBITDA and $200M-$1B TEV. Origins targets $5M-$20M EBITDA and up to $200M TEV. Strategic Capital publishes criteria of $10M-$100M+ EBITDA, $50M-$200M+ investment size, and $50M-$200M+ TEV.[5][6]
Audax Private Equity identifies five core sectors: Business Services, Financial Services, Healthcare, Industrial Services & Technologies, and Software & Technology.[6]
Flagship invests in North American middle-market companies. Strategic Capital invests across North America and Europe. The sources cited for this profile do not establish a separate geographic mandate for Origins.[6]
Audax describes a Buy & Build model that distinguishes platform investments from add-on acquisitions. Audax reports more than 180 platform investments and more than 1,500 add-on acquisitions since inception.
A recent example is FCH’s completed acquisition of Sanitary Solutions Group on April 14, 2026, which Audax identified as its 1,500th add-on acquisition.[3][6][9]
The current portfolio identifies Azurity Pharmaceuticals and Strickland Brothers as 2026 Strategic Capital investments, and AKAM, Keystone, and FDH Aero as 2026 Flagship investments.[7]
On June 8, 2026, FDH Aero announced a definitive agreement for a majority investment from Bain Capital, with Audax expected to remain a significant investor. The transaction was expected to close in the second half of 2026, subject to customary regulatory approvals.
Audax also announced in May 2026 that FCH completed its acquisition of Sanitary Solutions Group on April 14, 2026. Audax identified that transaction as its 1,500th add-on acquisition since inception.[8][9]
What is not clear from Audax Group's public investment criteria?
The official Audax Private Equity portfolio page states that certain investments are not publicly disclosed at management’s request because of competitive considerations, cybersecurity, or other risks. That page states that a full list of transactions will be provided upon request.
The cited FDH Aero announcement does not state transaction consideration. It describes closing as expected in the second half of 2026, subject to customary regulatory approvals.[7][8]
Questions to ask when evaluating Audax Group as a buyer or investment partner
Which Audax strategy and fund would evaluate the company?
Would the proposed transaction be a control investment, non-control investment, or another structure?
What EBITDA, TEV, investment-size, and geographic criteria apply to the specific fund?
What ownership duration and exit approach would apply?
How much rollover equity or management reinvestment would be expected?
What add-on acquisition resources and operating support would be available?
Sources & research notes
- Official website / firm overview
- Identity / organization record
- Investment strategy
- Investment approach
- Investment approach
- Industry / market focus
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- SEC investment adviser record
- Public Process
How this profile was researched
Auxo profiles are prepared from publicly available primary and authoritative sources and reviewed for entity identity, factual support and disclosure consistency. When a fact cannot be supported by the reviewed public record, the profile identifies it as something to confirm directly rather than inferring it.
Independent research profile
This profile was prepared by Auxo Capital Advisors from publicly available information believed to be reliable and is provided solely for informational and educational purposes. It is not an endorsement, recommendation, ranking, solicitation, or representation regarding the profiled firm, its services, qualifications, transaction experience, regulatory status, financial condition, or suitability for any particular person, company, transaction, or investment.
Information obtained from third-party and public sources may be incomplete, inaccurate, outdated, or subject to change, and Auxo Capital Advisors makes no representation or warranty, express or implied, as to its accuracy, completeness, or timeliness. Readers should conduct their own independent diligence and consult appropriate professional advisers before engaging any advisor, intermediary, investor, lender, acquirer, or other transaction counterparty.
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