Filtration Group Agrees to Sell Facet Filtration to Donaldson Company for $820 Million
Facet Filtration
Facet Filtration (Facet) is a global innovator in aviation fuel and fluid filtration with more than 80 years of industry experience, providing highly engineered, mission-critical solutions for aerospace & defense and power generation end markets. The company is a pioneer in jet fuel filtration, with products utilized across multiple stages of the fuel supply chain from refinery to end fueling point. Facet’s technology-led portfolio addresses highly regulated, performance-critical applications and is supported by strong technical expertise and in-house R&D and manufacturing capabilities. Approximately 70% of revenues are generated from recurring, regulated aftermarket replacement part sales, creating durable, high-margin revenue streams. Headquartered in Tulsa, Oklahoma, Facet operates manufacturing facilities in Oklahoma and Spain and serves customers across North America and Europe.
The Deal
Filtration Group, an affiliate of Madison Industries, entered into a definitive agreement to sell Facet to Donaldson Company, Inc. (NYSE: DCI), a global leader in technology-led filtration products and solutions, leveraging Lincoln International’s experience in the filtration market and extensive buyer relationships. As part of Donaldson, Facet will gain access to expanded resources, global reach and increased investment that will accelerate opportunities to advance product performance, broaden customer partnerships and fuel the next chapter of growth. The $820 million cash purchase price implies valuation multiples of 20.0x and 7.6x based on Facet’s calendar year 2025 adjusted EBITDA and revenue, respectively.
Our Perspective
Bobby Reifman, Lincoln International Managing Director and execution lead, commented, “This transaction highlights the quality of the Facet business and the value created through Madison Industries’ long-term, purposeful ownership. Donaldson is an exceptional strategic partner for the business, and we believe Facet is well-positioned to accelerate growth and innovation in its next chapter.”
Madison Industries
Madison is one of the largest and most successful privately held companies in the world. Madison builds entrepreneurially driven, branded market leaders that are committed to making the world safer, healthier and more productive by creating innovative solutions that deliver outstanding customer value. The team at Madison is committed to building something truly remarkable that long outlasts them while coaching others to reach their highest potential. Please visit us at www.madison.net.
Donaldson
Founded in 1915, Donaldson Company, Inc. (NYSE: DCI) is a global leader in technology-led filtration products and solutions, serving a broad range of industries and advanced markets. Donaldson operates across three primary segments—Mobile Solutions, Industrial Solutions and Life Sciences—and partners with customers worldwide to solve complex filtration challenges. Learn more at www.donaldson.com.
Meet our Senior Team
There is nothing more satisfying than completing a deal and seeing the true advisory value we brought to the situation, and the excitement of the client.
Robert Reifman
Managing Director & Co-Head of Industrials
Chicago
My goal is to inspire and motivate our people to make a true impact with their clients, their colleagues and their communities.
Robert Brown
CEO | Managing Director | GP-Director
Chicago
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