UTEX Gets Fourth PE Backer

Audax Group has sold UTEX Industries to Rhone Capital in a secondary deal. Audax was advised by Kirkland & Ellis on the transaction, while the company was advised by Lazard Middle Market and Simmons & Company International. UTEX manufactures specialty sealing solutions and downhole consumables used for oil and gas drilling, completion and production, water management and mining. The company was acquired by Audax from Grey Mountain Partners in a 2007 LBO.