Industrial Opportunity Partners (IOP) has sold its portfolio company Kuss Filtration to Italian micro filtration company GVS. IOP formed Kuss Filtration in October 2011 to acquire the light-duty diesel and gasoline engine filtration operations of Cummins.
Kuss Filtration produces a range of fuel, oil, lubrication and urea filters, engine air intake, cabin air and emission filters that are used in the automotive, outdoor power equipment, powersport and on-and off highway commercial vehicle markets.
Kuss has four production plants in the United States, Brazil and China, and sales offices in France and Switzerland. The company, led by CEO Hasnain Merchant, was founded in 1949 and is headquartered in Findlay, OH (www.kussfiltration.com).
GVS manufactures and sells plastic filters and components that are used in the healthcare, life sciences, automotive, commercial and industrial filtration, appliance, and personal safety markets. The company has eleven manufacturing plants in Italy, the UK, Brazil, China, Romania, and the US. GVS was founded in 1979 and is headquartered near Bologna in Zola Predosa, Italy (www.gvs.com).
Once combined, Kuss and GVS will operate from 26 locations in 22 countries around the globe and have more than 2,300 employees. “GVS has high expectations for this new investment,” said Massimo Scagliarini, CEO of GVS. “Kuss Filtration brings us extensive experience in the fuel filtration market. Their skilled management team, product portfolio, and significant sales position, will give GVS’s automotive division clear leadership in the automotive microfiltration market.”
IOP focuses on acquiring middle-market manufacturing and value-added distribution businesses, typically with revenues between $30 million and $350 million. The firm targets businesses with strong product, customer, and market positions and provides both management and operational resources to support sales growth and operational improvements. IOP was founded in 2005 and is headquartered in the Chicago suburb of Evanston (www.iopfund.com).
Earlier this month, IOP closed its third fund, Industrial Opportunity Partners III, LP, with $450 million of committed capital. The original target for the fund was $400 million.
Robert W. Baird & Co. was the financial advisor to IOP on the sale of Kuss.
© 2017 Private Equity Professional | July 25, 2017