The Impact of Mary Hoover Drucker

We believe sound ESG practices have the potential to improve performance while promoting a positive impact on society and the greater environment. We embrace and integrate ESG factors into our investment strategy and believe doing so enhances our ability to build better businesses and create value. Founded in 1985 and headquartered in Milwaukee, WI, Engine & Transmission Exchange is a leading independent remanufacturer of aftermarket vehicle transmissions and other automotive aftermarket repair and replacement parts. ETE offers a number of complementary services, including transmission repair, engine and transfer case repair and replacement, and servicing of torque convertors. With a legacy spanning over 35 years, the Company’s proven remanufacturing process returns used transmissions to “new” or “better-than-new” condition by using reclaimed and re-machined components.
Based in New York, Audax Private Debt is a leading debt capital partner for North American middle market companies. Since its inception in 2000, the firm has invested more than $36 billion in support of over 275 private equity sponsors. Audax Private Debt is an experienced and trusted partner with senior leadership averaging more than 26 years in private credit and 15 years working together at the firm through multiple economic cycles. Audax Private Debt invests in established middle market companies through first lien, stretch senior, unitranche, second lien, subordinated debt, and equity co-investment solutions.

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The awards may not be representative of any one client’s experience with Audax and is not indicative of Audax’ future performance. Audax has or may provide certain of the parties Mary Hoover Drucker above with de minimis compensation to make use of such awards and recognition. Prior to Audax, Mr. Wolpow was a General Partner and Managing Director of Bain Capital.

In a high interest rate environment, some borrowers may struggle to maintain adequate FCCR and interest-coverage ratios. Mezzanine’s ability to allow for PIK-interest payments improves the ability of borrowers to cover their current cash interest and fixed charges. Given heightened base rates, the cash interest rate for mezzanine tranches is often lower than unitranche and sometimes lower than senior debt cash interest rates. In this sense, mezzanine structures can preserve cashflow during windows when liquidity dries up. Kevin is responsible for overseeing all facets of Audax’ debt business, including origination, underwriting, and portfolio management as well as setting the business’ strategic direction.
DLS exceeded its fundraising target of $1.25 billion with commitments from a diverse set of institutional investors from the U.S., Europe, Asia‐Pacific, the Middle East, Canada, and Latin America. Including anticipated leverage, DLS has over $2.6 billion of total capital available to deploy in North American middle market companies. Bryant is a Managing Director at Audax Private Debt, overseeing our unitranche and junior debt investment teams. Dan is a Managing Director at Audax Private Debt, overseeing our unitranche and junior debt investment teams. Robin is a Managing Director at Audax Private Debt, overseeing our unitranche and junior debt investment teams. Remington is a Managing Director at Audax Private Debt, overseeing our unitranche and junior debt investment teams.
Solid relationships and flexible solutions are key to private debt’s ongoing  success in the PE mid-market, says Audax Private Debt president Kevin Magid. Our team is collaborative, experienced, and has built lasting relationships, establishing Audax Private Debt as a trusted name in the U.S. middle market. Chelsea is a Principal at Audax Private Debt, overseeing portfolio management for our Originated Debt platform. Prior to joining Audax in 2009, Alex was a Manager of Business Development at Arrowstreet Capital, where he built relationships with institutional investors on a global basis. Prior to Arrowstreet, Alex was a Principal at Hamersley Partners, where he helped emerging managers raise capital.

Audax Private Debt achieved the highest position in PitchBook’s 2023 Annual U.S. PE Lending League Tables, securing the #1 spot as the most active lender in U.S. PE. Additionally, the firm is proud to have attained the #1 rank in both the “Overall” and “Select Roles” lists of PitchBook's 2023 U.S. Prior to joining Audax, Joe worked at The Parthenon Group, a strategic advisory firm. Joe received an M.B.A. from The Wharton School at the University of Pennsylvania and a B.A.
Audax Private Equity Partnering with middle market leaders to fuel growth and build value. The observation that everything old is new again, ironically, never seems to get old. This is particularly true in 2023, as vinyl records again outsell CDs and acid-wash jeans plot their own unlikely comeback.

Rob is a Principal at Audax Private Debt, and a member of our senior debt investment team. Even in benign environments, mezzanine debt holds unique appeal, with attributes that senior-only facilities don’t provide. Mezzanine, today, is being used by sponsors not just for new platform financing arrangements but also portfolio company expansion, when sponsors need to fund M&A but are reluctant to reprice existing credit facilities at today’s higher rates. Tim is an Analyst at Audax Private Debt, and a member of our senior debt investment team.
Audax Private Debt (“Audax”) announced that, as Administrative Agent and Lead Arranger, it provided a unitranche credit facility to support Gauge Capital (“Gauge”) in their acquisition of Engine & Transmission Exchange (“ETE” or the “Company”). Audax Private Debt Flexible, customized equity solutions for private equity sponsors. Paradoxically, the shifting landscape has had little influence on purchase price multiples – at least not for the deals getting done. A flight to quality coupled with a dearth of dealflow means that valuations for businesses with strong growth prospects remain elevated. Adequate leverage, thus, is required to finance new platform acquisitions, and mezzanine debt has helped fill this gap.

Audax Private Debt’s President, Kevin Magid, discusses the growth of private debt as an asset class, the importance of flexibility and relationships in mid-market lending, and the key role of risk management. Learn what has set Audax Private Debt apart and how the firm is able to remain both active and selective across economic and market cycles. Prior to joining Audax in 2021, Glenn was a Managing Director at Alcentra, where he was responsible for both marketing and client service to institutional investors. He also previously worked at Guggenheim Partners, Babson Capital, and Wellington Management where he developed relationships with institutional investment consulting firms. These rankings should not be considered an endorsement of Audax or its funds by the authors or distributors of the rankings.
He was previously employed at Drexel Burnham Lambert and Donaldson, Lufkin & Jenrette, where he began his career and focused on leveraged finance. Marc Wolpow is Co-Chief Executive Officer and Co-Founder of Audax Group and Executive Chairman of Audax Private Debt. Along with his business partner, Geoff Rehnert, Mr. Wolpow manages the firm and has overseen all phases of Audax Group’s development since its founding in 1999. Prior to starting Audax Private Debt in 2000, Kevin was a Managing Director in the Leveraged Finance/Merchant Banking Group at CIBC World Markets Corp. He also previously worked at Drexel Burnham Lambert, Wasserstein Perella and Kidder Peabody, principally in a leveraged finance role.