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GE Capital, BMO Provide Debt for Audax Group’s Recap of Heckethorn Products

February 01, 2013, 07:53 AM

Audax Group announced it has completed a recapitalization of Heckethorn Products Inc., d/b/a Rough Country Suspension Systems (“Rough Country”) in partnership with management. GE Capital Corporation and BMO Capital Markets provided senior debt financing and Arrowhead Mezzanine provided junior debt financing to support the transaction.

Headquartered in Dyersburg, TN, Rough Country is a customer-focused provider of suspension systems at market-leading prices to the off-road SUV and truck market. Rough Country’s systems raise the ride height of vehicles to enable steeper approach, higher ground clearance, accommodate larger wheels and tires, and create a more aggressive appearance for the vehicle.

Geoffrey S. Rehnert, Co-CEO of Audax Group, said “Rough Country is a leading supplier of suspension systems to the fragmented SUV and truck enthusiast market. It has excellent brand awareness and customer service. We look forward to working with Ken Dunn and his team to build the business by developing new products and executing strategic add-on acquisitions.”

Ken Dunn, CEO of Rough Country, said “We are excited to have Audax as our new partner. Its operational expertise and successful track record of sourcing and integrating add-on acquisitions will enhance our ability to grow while continuing to build on our brand’s reputation of market-leading value and customer service.”

Kirkland & Ellis LLP served as counsel to Audax Group. Hilliard Lyons Investment Banking advised Rough Country.

Audax Group, founded in 1999, is a leading investor in lower-middle market companies. With offices in Boston and New York, Audax has over $5 billion in assets under management in its Private Equity, Mezzanine, and Senior Debt funds.


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