Audax Private Equity has agreed to sell interconnect and cable assembly provider Trexon to Amphenol in a $1bn all-cash transaction, marking a significant exit for the Boston-based investment firm, according to the Wall Street Journal.

Trexon, formed by Audax in 2021 through the consolidation of several interconnect businesses, specialises in cable and connectivity solutions for the defence sector. The company employs 1,100 staff across the US and UK and is forecast to generate $290m in sales in 2025.

The deal is expected to close by the end of the year and will be funded by Amphenol using its existing cash reserves. The Connecticut-based electronics giant reported $10.46bn in revenue for the first half of 2025.

Audax, which has approximately $19bn in assets under management, said the Trexon transaction marks its 11th exit since August 2024, continuing its active portfolio realisation strategy.

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