Audax Private Equity, a division of Audax Group, is buying Justrite Manufacturing from Baird Capital.
Justrite, based in Chicago, Illinois, makes products for the handling and storage of flammable and hazardous liquids. Products include safety cabinets, safety cans, environmental and spill containment systems, and outdoor safety storage buildings and lockers.
Baird acquired Justrite from the Riverside Co. in 2011. Under Baird’s ownership, Justrite has made two acquisitions, including the 2014 purchase of Basic Concepts Inc. Baird retains a minority stake in Justrite.
Baird Capital, Robert W. Baird & Co.’s private equity arm, invests in manufacturing, health care and business services companies. It puts up to $35 million in equity in companies that have at least $5 million in Ebitda.
Earlier in 2015, Audax Group closed its 500th deal with the purchase of Advanced Dermatology & Cosmetic Surgery. The firm also recently announced plans to acquire Katena Products and TPC Wire & Cable Corp.
Audax is receiving financing from Franklin Square Capital Partners.