Detroit Lakes Based SJE Inc. acquired by Audax Private Equity

DETROIT LAKES (KDLM) – Detroit Lakes based SJE, a leading manufacturer of control solutions for the water and wastewater industry, has sold a majority equity interest to Audax Private Equity (“Audax”).

Founder, Steve Johnston, started S. J. Electro Systems in 1975 after creating the original version of the Tank Alert alarm in his garage in Detroit Lakes. In 1987, Steve decided he wanted to pass the company on to his employees by establishing an Employee Stock Ownership Plan (“ESOP”), allowing employees to share in the successes that they were helping to create.

“For a highly successful employee-owned company, the timing was right for us to transition ownership to ensure the best return for our employees,” said Dave Thomas, President and CEO of SJE. “We had a tremendous opportunity to make the retirement benefit of the ESOP an immediate reality for our team.”

SJE currently has seven locations worldwide and nearly 500 employees.

Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $27 billion in capital across its Private Equity and Private Debt businesses.