Truelink Capital has agreed to sell Koch Filter, a subsidiary of Air Distribution Technologies, to Atmus Filtration Technologies

Koch Filter

Founded in 1966, Koch Filter Corporation designs and manufactures air filtration products serving a broad set of commercial markets. The company offers an end-to-end portfolio of highly consumable products, including pleated filters, high efficiency filters and HEPA filters that are used for a diverse set of applications. With manufacturing operations in Louisville, Kentucky; East Greenville, Pennsylvania; Houston, Texas; and Mira Loma, California, Koch Filter is one of the only nationwide, independent, scaled platforms in the air filtration space.

The Deal

Air Distribution Technologies, Inc. (ADTi), a portfolio company of Truelink Capital, has entered into a definitive agreement to sell Koch Filter to Atmus Filtration Technologies Inc. (NYSE: ATMU). In partnership with Truelink, Koch Filter continued its long history of organic growth and margin expansion through nationwide operational improvements and a relentless focus on reliability and customer service.

Truelink and ADTi entrusted Lincoln International given its experience within the filtration market and the depth of its buyer relationships. The purchase price of $450 million represents a 13.9x multiple based on Koch Filter’s adjusted EBITDA for the 2025 fiscal year ending September 30, 2025. The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions and regulatory approvals.

Our Perspective

Bobby Reifman, Managing Director and Co-Head of Lincoln’s Industrials Group, commented, “It was a privilege to partner with Truelink, ADTi and the Koch Filter team on this critical milestone for the company. The combination of Koch and Atmus creates a well-diversified, global air filtration platform with multiple avenues for future growth. We look forward to watching the combined company’s continued success.”

Truelink Capital

Truelink Capital is a middle market private equity firm based in Los Angeles. Truelink pairs deep industry experience in the industrials and business services sectors with a commitment to building partnerships that drive long-term value through an operationally focused strategy. Truelink partners with management, corporate sellers and founders to accelerate growth through the execution of strategic initiatives and transformative add-on acquisitions. For more information, please visit www.truelinkcap.com.

Air Distribution Technologies

Air Distribution Technologies (ADTi) is an industry leader in the design and manufacturing of a comprehensive suite of top performing products supporting the HVAC ecosystem. Its portfolio contains many well-recognized brands in the space serving a diversified customer base. The company was acquired by Truelink Capital in 2024 through a corporate carve-out from Johnson Controls International plc (NYSE:JCI). For more information, please visit www.airdistribution.com.

Atmus Filtration Technologies

Atmus Filtration Technologies is a global leader in filtration and media solutions. With a presence on six continents, Atmus serves customers across truck, bus, agriculture, construction, mining, marine and power generation vehicle and equipment markets, along with providing comprehensive aftermarket support and solutions. Headquartered in Nashville, Tennessee, Atmus employs approximately 4,500 people globally who are committed to creating a better future by protecting what is important. For more information, please visit www.atmus.com.

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