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Pedlow on Audax Acquisition; ‘It’s a Big Deal’

Pedlow on Audax Acquisition; 'It's a Big Deal'

Commenting on the sale of Broadcast Electronics from Thompson Street Capital Partners to the Audax Group (see earlier story) BE President/CEO John Pedlow said Thompson, BE’s equity partner for just over two years, had been a “substantial shareholder” of BE and now Audax is its equity partner. Terms of the deal were not disclosed.
The entire BE management team stays on, he said, noting Audax has confidence in the employees ability to grow the business.
Audax manages more than $2 billion in equity and mezzanine debt capital.
“They understand what’s happening in our market and are very supportive of the direction we’re taking,” said Pedlow. Audax is willing to give BE resources to grow the business, he said, especially mentioning BE’s international activity in HD Radio in Asia, the Middle East, Latin America and Europe.
“They will give us the resources to do whatever we want to do,” he said of Audax. “It’s a big deal.”
BE will remain headquartered in Quincy, Ill.