Audax Private Equity has agreed to sell Trexon, a Boston-based provider of custom interconnect solutions for mission-critical applications, to Amphenol Corporation in an all-cash transaction reportedly valued at about $1bn.
The deal, which will be funded with Amphenol’s cash on hand, is expected to close in Q4 2025 subject to customary approvals.
Founded as a platform in 2021 under Audax ownership, Trexon employs around 1,100 people across the US and UK. The company designs and manufactures specialty cables, cable assemblies and connectors, with a strong focus on the defence and space sectors. Amphenol said Trexon expects 2025 sales of roughly $290m.
Under Audax, Trexon pursued an ambitious buy-and-build strategy, completing 11 add-on acquisitions alongside organic growth initiatives, which expanded its capacity and capabilities across high-reliability interconnect markets.
The sale is the latest in a series of exits from Audax’s Industrial Services & Technologies strategy, following recent disposals of EIS, Liquid Environmental Solutions, and Thermogenics. Since August 2024, the firm has completed or announced 11 exits across its Flagship and Origins strategies.
William Blair and Guggenheim Securities acted as financial advisers to Audax, with Kirkland & Ellis and Fredrikson & Byron providing legal counsel.
