The Sterling Group Exits Velcon Filters
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The Sterling Group Exits Velcon Filters

Parker Hannifin, a provider of motion and control technologies, has signed an agreement to acquire Velcon Filters, a manufacturer of filtration equipment and a portfolio company of The Sterling Group.

“Velcon is the leader in the jet fuel filtration market with a brand that has become synonymous with the highest standard for safety in the industry,” said Greg Elliott, Partner at The Sterling Group. “Under Sterling’s ownership, Velcon has seen a diversification of end-markets and geographies and has significant growth potential as part of Parker’s Filtration Group.”

Velcon Filters is a manufacturer of filtration equipment and replacement cartridges for the aviation, industrial fuel, and industrial process filtration markets. Velcon reported sales of $115 million for the twelve months ended August 31st, 2012 and has approximately 300 employees globally. The company is based in Colorado Springs, CO (www.velcon.com).

The Sterling Group targets controlling interests in basic manufacturing, industrial services and distribution companies that have enterprise values from $100 million to $500 million. Sterling has sponsored the buyout of 41 platform companies and numerous add-on acquisitions for a total transaction value greater than $9.5 billion. The firm was founded in 1982 and is located in Houston (www.sterling-group.com).

Parker Hannifin is a diversified manufacturer of motion and control technologies and systems for a variety of mobile, industrial and aerospace markets. The company employs approximately 60,000 people in 48 countries around the world. Sales in fiscal year 2012 were $13 billion. Parker Hannifin is based in Cleveland (www.parker.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 10-5-12

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