Align Capital Partners has made an investment in Pleatco, a maker of filter cartridges used in the pool and spa filtration industry.
Pleatco designs and manufactures more than 700 SKUs of pleated filter cartridges, DE grids (diatomaceous earth – a type of filtration material) and filter wash products for the pool and 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, led by CEO Howard Smith, was founded in 1972 and is based on Long Island in Glen Cove, NY with additional facilities in California and Mexico (www.pleatco.com).
“Align Capital Partners understands the importance of continuing to invest in our employees, systems and resources to further accelerate our growth while providing the highest quality products and service that our customers expect,” said Mr. Smith. “Align will be a fantastic partner for Pleatco as we embark upon our next phase of growth.”
Align Capital Partners makes control investments in companies that have from $3 million to $10 million of EBITDA. Sectors of interest include specialty manufacturing, distribution and business services. The firm was founded in 2016 by managing partners Steve Dyke, Robert Langley, and Chris Jones – all formerly of The Riverside Company – and has offices in Cleveland and Dallas (www.aligncp.com).
“Pleatco has and will continue to thrive under the leadership of CEO Howard Smith and a strong management team due to its focus on product innovation and customer service,” said Align Managing Partner Robert Langley. “The company has consistently expanded and improved upon its product line through industry-leading engineering and new product development to bring high-quality, critical replacement filters to customers. We are excited to partner with the Pleatco team to build upon their strong track record of growth.”
Managing Partner Steve Dyke, Vice President Matt Beesley, and Associate Jonathan Vadiee worked alongside Mr. Langley on this transaction.
With the closing of this investment, Rick Von Drehle, the former CEO of Clear Edge Filtration (a portfolio company of Chicago-based Madison Industries) and the current President of RL Hudson & Co., will join the Board of Directors of Pleatco.
© 2017 Private Equity Professional | July 18, 2017
