London, 10th May, 2023 - PX3 Partners (“PX3”), the London headquartered private equity firm, announces today that it has agreed to acquire the filtration division (“Filtration”, or the “Company”) of U.S. headquartered Celeros Flow Technology (“Celeros FT”). The Company is a clean tech, market leading global manufacturer of industrial filtration systems, operating globally.

The transaction marks the first investment from PX3’s inaugural fund. It leverages the firm’s transatlantic reach and global DNA, its corporate carve-out skill set, and buy-and-build capabilities.

Headquartered in Ireland, Filtration provides consumable, mission critical industrial filtration systems that allow customers to sustain their industrial processes and protect the environment by increasing efficiency, reducing emissions, and decreasing waste. With a team of nearly 300 skilled employees, the Company delivers engineered-to-order products across a range of end markets to a diversified international customer base operating in a wide variety of industrial end-markets. Filtration serves its customers through international brands including Dollinger, Plenty, Airpel and Vokes, which have market leading positions underpinned by the strength of the Company’s technology and engineering capabilities. It operates in an attractive, large and growing addressable market, with a significant global installed base, and a resilient aftermarket sales model.

PX3’s investment in Filtration aligns closely with the three pillars of its investment strategy. The Company benefits from transformative themes PX3 seeks to underwrite, namely Compete Smarter and Planet First. It also operates in the branded light manufacturing segment of industrials, one of PX3’s area of focus. Finally, Filtration possesses the strong business fundamentals PX3 seeks to exclusively invest behind.

PX3 will work closely with Filtration to separate from its parent, drive organic revenue growth and pursue a buy-and-build strategy, consolidating its fragmented market.

{{quote}}

"We are thrilled to announce our first investment with the acquisition of Filtration," said the Managing Partners of PX3. "We look forward to working closely with the Company’s management team to build a global industrial filtration champion and purpose-driven leader in clean tech, with a best-in-class culture of performance. The acquisition perfectly aligns with our investment strategy, our situational differentiation, and our commitment to invest in high-quality businesses, with passionate teams and significant transformational growth potential. We are excited to partner with Filtration to accelerate the Company’s expansion plans and drive significant value for all of our stakeholders."

PX3 is a thematic investor targeting companies operating within select segments of the business services, consumer & leisure, and industrials sectors and exhibiting strong business fundamentals. With a global network of deep relationships and expertise in helping businesses grow internationally across Europe, North America and Asia, PX3’s Connected AccelerationTM value creation model will support Filtration in achieving its growth potential.

PX3 enlisted the support of Alvarez & Marsal as accounting, operational, and tax advisor; Aon as benefits, insurance, and pension advisor; Debevoise & Plimpton as tax structuring advisor; KPMG as ESG advisor; LEK as commercial advisor; Marlborough Partners as debt advisor; Nomura Securities International, Inc. as financial advisor; and Weil, Gotshal & Manges as legal advisor. PX3 is also advised by Aviditi Advisors as placement agent.

‍

Click here to download press release [PDF].

‍