Vance Street Capital has sold Micronics Engineered Filtration Group to Cleanova, a portfolio company of PX3 Partners

Micronics Engineered Filtration Group

Micronics Engineered Filtration Group (Micronics) is a leading clean-tech manufacturer of filter media and industrial filtration systems and provider of a broad range of expert field services, delivering customized liquid and air filtration solutions to meet demanding requirements across a variety of industrial applications.

Founded in 1983 and headquartered in Chattanooga, Tennessee, Micronics, with a team of 1,100+ employees, serves the mining and mineral processing, energy and power generation, battery recycling, chemical manufacturing, pigments and dyes, food and beverage, steel and iron processing, aggregates, cement and asphalt, pharmaceutical and biotech and water / wastewater treatment end markets. Micronics’ solutions help customers operate reliable processes, improve efficiencies, decrease operating costs and contribute to environmental protection globally. For additional information, please visit www.micronicsinc.com.

The Deal

Vance Street Capital (Vance Street) first partnered with Micronics in 2013. Through a combination of organic growth initiatives, investments in the management team, a relentless focus on operational improvements and eight strategic acquisitions, the company scaled into an industrial filtration leader. Following this success, Vance Street and Micronics trusted Lincoln to help find a new partner to support the company’s continued growth strategy. The combination with Cleanova significantly expands the company’s global reach and further diversifies its product and service offerings.

Our Perspective

Bobby Reifman, Lincoln International Managing Director who led the transaction, commented, “It was a privilege to partner with Vance Street Capital and the Micronics management team on this marquee transaction. The combination of Micronics and Cleanova establishes a best-in-class, global leader in industrial filtration. We look forward to watching the combined company’s continued success under PX3 Partners.”

Nic Janneck, Partner at Vance Street, said, “We thank Lincoln for being our trusted advisor to identify the right partner to support Micronics’ next phase of growth. Lincoln’s strategic insight, deep understanding of the filtration and industrial markets and strong execution capabilities were instrumental in achieving a successful outcome.”

Chris Cummins, CEO of Micronics, added, “We greatly appreciate the dedication and expertise that Lincoln brought to our team throughout the sale process and in finding us the perfect partner. We are thrilled to join forces with PX3 and Cleanova to continue to scale the business into a global industrial filtration leader.”

Vance Street Capital

Vance Street Capital is a middle market private equity firm focused on investing in highly engineered solutions businesses across the industrial technology, medical, life science, aerospace and defense sectors. Vance Street works with management teams and family owners to accelerate revenue growth, improve operations and acquire strategic assets for the companies in their investment portfolio. For additional information, please visit www.vancestreetcapital.com.

Cleanova

Headquartered in Ireland, Cleanova was formed out of an industrial carve-out in October 2023 and is controlled by PX3 Partners, the London-headquartered private equity firm. The company leverages innovative thinking and established technology to deliver mission-critical filtration solutions and contribute to a cleaner tomorrow. With a team of 400 skilled employees, Cleanova delivers cutting-edge filtration products to a diversified international customer base operating in a wide range of industrial end-markets. Cleanova serves its customers through six international brands (Allied Filter Systems, Dollinger, Plenty, Shawndra, Sidco and Vokes) which have market-leading positions underpinned by Cleanova’s technology and engineering capabilities. For additional information, please visit www.cleanova.com.

PX3 Partners

PX3 stands for purpose, passion and performance. It is a pan-European private equity firm founded in 2021 by Petter Johnsson, Gianpiero Lenza and Sébastien Mazella di Bosco with headquarters in London. It invests behind transformative themes and targets companies operating within select segments of the business services, consumer and leisure and industrials sectors with strong business fundamentals. PX3 is committed to supporting ambitious entrepreneurs and management teams to build great businesses through transformative growth internationally and operational improvement. PX3 is the continuation and consolidation of the founding partners’ investment strategy and their relationship-focused and distinctive value creation model honed over 20 years working together. For additional information, please visit www.px3partners.com.

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