filtration

Bertram Sells Flow Control Group to KKR

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KKR has agreed to acquire Flow Control Group (FCG) from Bertram Capital. FCG is a distributor of flow control and industrial automation products,

FCG’s products include pumps, filtration, air compression, dehydration and purification equipment; instrumentation and controls; sealing, tubing, and hoses; and other related products. The company also provides various on-site services including repair, calibration and installation.

 Charlotte-based FCG has more than 10,000 customers and 47 regional distribution and service centers located throughout the United States and Canada. The company, led by CEO David Patterson, was founded in 2014 and has completed 21 acquisitions since its inception including 3 add-ons under Bertram’s ownership.

Bertram acquired its interest in FCG in January 2019 from AEA investors which had acquired the company in February 2015.

“We are fortunate to have had the opportunity to partner with FCG, under the exceptional leadership of David Patterson, to achieve our shared vision of creating a leading independent player in the industry,” said Kevin Yamashita, a partner at Bertram Capital. “Working closely with the FCG team, we exceeded our growth plan through strategic add-on acquisitions, organic growth initiatives, the addition of key executive talent, and operational improvement.”

KKR is acquiring FCG through its KKR Americas XII Fund which closed in March 2017 with $13.9 billion of capital.

“Flow Control Group stands out for their proven ability to be a strategic partner and consultative, technical resource for customers’ critical flow control and industrial automation product needs,” said Josh Weisenbeck, a partner at KKR. “We are excited to work together with David Patterson and the entire team at Flow Control Group to further expand the company’s reach while remaining an excellent partner to their OEM suppliers and continuing to be a value-added team member for their customers.”

Bertram invests in middle-market business services, consumer, industrial and manufacturing companies that have revenues from $25 million to $250 million and EBITDA of $5 million to $30 million. The firm is headquartered south of San Francisco in San Mateo, California.

KKR (NYSE: KKR) makes private equity, fixed income, and other investments in companies in North America, Europe, Asia, and the Middle East. KKR was founded in 1976 and in addition to its New York headquarters has offices in 19 cities around the world.

R.W. Baird was the financial advisor to Bertram on this transaction and Deloitte advised KKR.

© 2021 Private Equity Professional | February 18, 2021

Madison Capital Acquires Clear Edge Filtration

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Filtration Group, a portfolio company of Madison Capital Partners, has acquired Clear Edge Filtration, a manufacturer of filtration products.

Clear Edge Filtration is a manufacturer of a range of industrial process filtration products used in the mining, chemical processing, wastewater treatment, bulk food and beverage markets. Clear Edge operated as a division of Gamma Holdings, an industrial holding company based in the Netherlands. Clear Edge is headquartered in Tulsa (www.clear-edge.com).

Filtration Group is a manufacturer of filtration products used in the electronics & telecommunications; environmental air; medical/pharma; mining & minerals; oil, gas & chemicals; and paint & industrial finishing sectors. The company is headquartered in Chicago (www.filtrationgroup.com).

Lincoln International (www.lincolninternational.com), a Chicago-based investment bank, initiated the transaction with Madison Capital Partners and Filtration Group.

Madison Capital Partners invests in under-performing and under-managed industrial manufacturing companies that have revenues from $50 million to $2 billion. The firm was founded in 1994 and is based in Chicago (www.madisoncapitalpartners.net).

© 2013 PEPD • Private Equity’s Leading News Magazine • 6-3-13

Vance Street Acquires Micronics

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Vance Street Capital has acquired a majority interest in Micronics, a provider of aftermarket filtration products and OEM custom filter presses. The management team of Micronics invested alongside Vance Street and will have a significant ownership stake in the business.

“We look forward to working closely with Barry Hibble and the entire Micronics management team to help the company capitalize on the many growth opportunities it has before it, both here and abroad,” said Jake Blumenthal, principal at Vance Street Capital. “We focus on investing in companies that provide engineered solutions to blue chip customers and we feel that Micronics is perfectly positioned to continue to gain market share.”

Micronics provides filtration products to varied industries worldwide including mining, chemical, wastewater, metals, and food and beverage. The company was founded in 1983 and is headquartered in Portsmouth, NH with an additional facility in Stoke-on-Trent, UK (www.micronicsinc.com).

“In Vance Street, we could not have found a better partner as Micronics enters its next phase of growth,” said Micronics Chief Executive Officer Barry Hibble. “The firm has extensive experience working with manufacturers as well as a deep understanding of operations. This transaction is a positive development for our company and our hard-working employees as we look to the future with our new partners.”

Vance Street Capital makes control investments in companies with enterprise values up to $200 million. Sectors of interest include precision industrial manufacturing, aerospace and defense, medical components and devices, and business services. The firm is based in Los Angeles (www.vancestreetcapital.com).

The Micronics transaction represents Vance Street’s seventh platform acquisition in its current fund.

FS Investment Corporation provided debt financing to support the transaction. FS is based in Philadelphia (www.fsinvestmentcorp.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 4-2-13