Phillips & Temro Industries Acquired by Equity Firm

Equity firm Audax Group on Monday announced it has acquired Phillips & Temro Industries, a manufacturer of heating, cooling and silencing products for heavy-duty truck engines. Terms were not dislosed.

PTI, based in Eden Prairie, Minn., makes products for diesel, gasoline, hybrid and electric vehicle engines.

The company serves the heavy-duty truck, light-duty truck, power generation, off-road, automotive and electric/hybrid vehicle end markets, Audax said.