John Wolz

Precision Castparts Corp. sold Arnold Magnetic Technologies Corp., which has been in discontinued operations since PCC”s 2003 acquisition of SPS Technologies, to Audax Group.
Terms of the transaction were not disclosed.
Audax Group, founded in 1999, invests in middle market companies. With offices in Boston and New York, Audax manages $1 billion in equity and mezzanine debt capital. Web: audaxgroup.com
“While the magnetics business was not really a strategic fit for Precision Castparts going forward, Audax is well positioned to leverage the strengths of these operations,” CEO Mark Donegan explained. “The proceeds from this transaction will enable us to pursue the strategic growth of SPS” critical fastener business and other opportunities.” Web: precast.com �2005 FastenerNews.com