Truelink Capital Sells Koch Filter to Atmus for $450 Million

Truelink Capital has agreed to sell Koch Filter Corporation to Atmus Filtration Technologies for $450 million in cash.

Koch Filter is a subsidiary of Air Distribution Technologies (ADTi), a portfolio company that Truelink acquired in June 2024 from publicly traded Johnson Controls. ADTi was acquired by Johnson Controls in 2014 from Onex Partners, American Capital, and the Canada Pension Plan Investment Board for $1.6 billion.

Koch Filter manufactures air filtration products used in commercial, industrial, and institutional environments. The company’s products include pleated panels, gas phase carbon absorbents, and high-efficiency particulate air (HEPA) filters. For example, data centers utilize Koch’s high-efficiency filters to prevent microscopic dust from accumulating on server racks, which helps avoid overheating and equipment failure in server farms.

Louisville-headquartered Koch Filter was founded in 1966 and operates manufacturing facilities in Pennsylvania, Texas, and California. For the fiscal year ending September 30, 2025, Koch Filter generated $156 million in revenue with $32.4 million in adjusted EBITDA. Based on the $450 million cash purchase price, this equals a 13.9x EBITDA valuation multiple.

“I am incredibly proud of what our team has built at Koch Filter over the last year with Truelink,” said Mark Mattingly, the chief executive officer of Koch Filter. “Given all the recent investments we have made in our business, we are well positioned to accelerate our growth and continue delivering innovative, high-quality filtration solutions to the market. Joining Atmus will mark an exciting new chapter for our business, our employees, and our customers.”

ADTi, the seller of Koch Filter, makes grilles, registers and diffusers, terminal units, fire and smoke dampers, louvers, filters and fans, which are sold under the Koch Filter, Titus, Ruskin, Kreuger, PennBarry and Tuttle & Bailey brands. ADTi’s products are manufactured in the United States, Mexico, India, Thailand and the United Arab Emirates. ADTi has more than 4,500 employees operating across more than 25 locations and is headquartered near Dallas in Plano, Texas.

“This transaction marks an exciting new chapter for ADTi as well,” said Doug Schuster, the CEO of ADTi. “We are thankful to have had the opportunity to work alongside Mark and his team and now turn our full focus and attention to the ADTi platform where we will continue to create value by driving efficiencies and growth – both organically and via M&A – across our three key business units: Air Control Solutions, Air Movement Solutions, and Air Distribution Solutions.”

According to Grand View Research, the global industrial air filtration market was valued at $6.1 billion in 2023 and is projected to reach $9.2 billion by 2030, expanding at a compound annual growth rate (CAGR) of 6.2%. Demand in this sector is driven by increasingly stringent environmental regulations regarding industrial emissions and a heightened focus on indoor air quality in commercial buildings following the global pandemic.

“This transaction is a significant milestone for both Koch Filter and ADTi,” said Todd Golditch, a managing partner at Truelink. “This sale is a testament to the strength of our investment and value creation strategy and aligns with our long-term vision for ADTi to strategically focus their portfolio around engineered air distribution solutions, while enabling Koch Filter to thrive with Atmus.”

Atmus (NYSE: ATMU) is a manufacturer of filtration media and systems for on-highway and off-highway vehicles and equipment. The company is headquartered in Nashville and employs approximately 4,500 people globally.

“The acquisition of Koch Filter will accelerate Atmus’ growth by expanding into the industrial air filtration market, including the growing industrial and commercial HVAC, data center and power generation end-markets,” said Steph Disher, the chief executive officer of Atmus. “The Koch Filter team brings to Atmus deep, established customer relationships, extensive industry experience and a leading portfolio of consumable mission-critical products.”

Truelink is headquartered in Los Angeles and invests in tech-enabled services and industrial companies with EBITDA ranging from $20 million to $75 million. The firm’s targeted service sectors include business-to-business, education technology, financial technology, information technology, and software. Within industrials, Truelink focuses on building products, chemicals, transportation and logistics, and packaging. Truelink’s first fund, Truelink Capital I LP, closed with $875 million in capital in July 2024.

Jefferies is the financial advisor to Atmus on this transaction, and Lincoln International is advising Truelink and ADTi.