Align Closes Another Pleatco Add-On

Pleatco Filtration, a portfolio company of Align Capital Partners, has acquired TVS Filters from Pine Crest Capital. This is the third add-on acquisition for the company since being acquired by Align in July 2018.

TVS (originally Tennessee Valley Supply) designs and manufactures pleated filter cartridges, gas turbine inlet filters, and other filtration products that are used in industrial air filtration applications.

The company sells its products throughout North America through a network of third-party distributors and dust collector OEMs. TVS is led by President Partlow Willings and is headquartered southwest of Birmingham in Bessemer, Alabama.

“TVS has experienced tremendous growth due to our commitment to delivering high-quality products with industry best lead times and high levels of customer service,” said Mr. Willings. “Pleatco’s manufacturing capabilities and deep engineering and marketing expertise are the perfect complement to our business and will allow us to offer additional products and capabilities to new and existing customers.” Pine Crest Capital, the seller of TVS, is led by Mr. Willings and is based near Birmingham in Mountain Brook, Alabama.

Pleatco designs and manufactures pleated filter cartridges, DE grids (diatomaceous earth – a type of filtration material) and filter wash products used in the industrial air and pool/spa markets. Pleatco’s aftermarket filtration products are sold to and through pool and spa retailers, distributors, online retailers, and original equipment manufacturers that are located throughout the United States, Canada and Europe.

Pleatco was founded in 1972 and is led by CEO Richard Von Drehle. The company has facilities in Glen Cove, New York, and Louisville, Kentucky. “The acquisition of TVS, Pleatco’s third of 2019, furthers our commitment to providing best-in-class aftermarket filtration products to the industrial air market,” said Mr. Von Drehle.

Pleatco’s two earlier add-on acquisitions were the buys of APEL International, a Louisville, Kentucky-based manufacturer of custom and standard replacement cartridge filters, pleated bags and fabric filters for industrial applications (acquired in March 2019); and Milton Manufacturing, a Milton, Ontario-based manufacturer of spun-bond, paper, felt and pleated bag filters (acquired in March 2019).

“With each acquisition, Pleatco continues to add key talent and resources to its expanding platform,” said Rob Langley, a managing partner at Align. “We look forward to supporting the Pleatco Filtration team on the execution of an ambitious organic and add-on growth strategy.” Working with Mr. Langley on the buy of TVS was Operating Partner John Dupuy, Vice President Matt Beesley, and Associate Hannah Dickey.

Align makes control investments in companies that have from $3 million to $10 million of EBITDA. Sectors of interest include business services, specialty manufacturing, and value-added distribution. The firm was founded in 2016 by managing partners Steve Dyke, Rob Langley, and Chris Jones – all formerly of The Riverside Company – and has offices in Cleveland and Dallas. Align is investing from its inaugural private equity investment fund, Align Capital Partners Fund I LP, which closed in September 2016 with $325 million of committed capital.

Founders Advisors, with locations in Birmingham, Dallas and Houston, provided financial advice to TVS Filters on this transaction.

© 2019 Private Equity Professional | December 4, 2019

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