CHARLOTTE, N.C., July 14, 2021 – Solve Industrial Motion Group (“Solve”) has been acquired by Audax Private Equity (“Audax”), a leading investment firm that specializes in helping middle market companies grow in value and size. Audax’ experience building brands in the industrial services and technologies industry will benefit Solve and strengthen its growth strategy.
“This new milestone affirms our strong go-to-market strategy and brand evolution,” said Lisa Mitchell, Chief Executive Officer of Solve. “With Audax’ support, knowledge, and expertise, we hope to drive further global expansion into the broader power transmission and electric motion markets. We are excited to begin this next chapter of growth.”
In 2020, the Solve brand was established and brought P.T. International (“PTI”) in North Carolina, IPTCI Bearings in Minnesota, and LMS Bearings in Colorado together under one umbrella. As an integrated brand, they provide added value and expanded product offerings to manufacturing distributors, OEMs, and end users.
As a premier supplier of bearings and power transmission components, Solve is a one-stop resource for both metric and American standard products with an inventory of more than 25,000 SKUs of quality, lab-inspected components. The primary sectors Solve serves include food and beverage, agriculture, mining, steel, automotive, textiles, wood products, lawn and garden, and pharmaceuticals.
“Solve is well-positioned to capture additional market share with OEMs and distributors globally through organic growth and acquisitions,” said Joe Rogers, Managing Director at Audax. “We are thrilled to be partnering with Lisa Mitchell and the broader Solve team to help accelerate growth and scale the business.”
About Solve Industrial Motion Group
Solve Industrial Motion Group (Solve) manufactures and sells bearings and power transmission component parts for the food and beverage, agriculture, mining, steel, automotive, textiles, wood products, lawn and garden, and pharmaceuticals, among others. Solve’s brand portfolio includes P.T. International, IPTCI Bearings, and LMS Bearings, and represents more than 25,000 products available from five regional stocking locations. Solve Industrial Motion Group is a privately held company based in Charlotte, North Carolina. For more information about the company, please visit solveindustrial.com.
About Audax Private Equity
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $7 billion in more than 140 platforms and over 975 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax Private Equity seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 250 employees, Audax is a leading capital partner for North American middle market companies. For more information, visit the Audax Private Equity website: www.audaxprivateequity.com or follow us on LinkedIn.