Vance Street Capital’s portfolio company, Micronics Engineered Filtration Group (“Micronics” or the “Company”), a global provider of aftermarket filtration consumables, announced the acquisition of Solaft Filtration Solutions (“Solaft”), an innovative, vertically integrated, global industrial filtration solutions provider with in-house product design capabilities, research & development facilities and manufacturing operations in Australia, Brazil, China, and India.
Founded in 1983, Micronics is a global provider of aftermarket and OEM filtration equipment and consumables. The Company serves a diversified base of approximately 3,000 customers across over 20 distinct end markets, including 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.
The acquisition of Solaft expands Micronics’ portfolio of engineered filtration solutions and its geographic footprint to better serve its global customers’ filtration needs in industries such as aluminum, alumina, power generation, and steel, where demanding environmental/ emissions control needs require deep technical filtration expertise, application knowledge, and a localized, consultative approach.
“I am very excited and pleased to welcome Solaft to Micronics Engineered Filtration. We have had a successful, long-standing strategic partnership with Solaft in North America and we are now looking forward to working with our talented new Solaft teammates in Australia, Brazil, China, India, and the USA as we bring together our combined capabilities and technical expertise to better serve our valued global industrial filtration customers,” said Chris Cummins, President and CEO of the Micronics Engineered Filtration Group and Vance Street Senior Operating Partner.
“We are excited to join forces with the Micronics Engineered Filtration Group, a strong industrial filtration solutions leader. From the beginning of our association, it has been clear that there is a great fit with Micronics and we are well-aligned with our vision for providing global customers with industry-leading filtration solutions for process filtration and environmental protection for a better future. We will be in good hands with Micronics,” said Justin Gallagher, CEO of Solaft, who will be joining Micronics as a Board Advisor.
“We are incredibly proud of the transformation that has taken place at Micronics under our ownership,” said Nic Janneck, Partner at Vance Street. “Micronics has grown into one of the leading players in the global aftermarket filtration market. We look forward to working closely with management to continue building this great asset.”
“Solaft’s robust product development capabilities, vertically integrated supply chain, and experienced team across four different continents complement Micronics and will enable the platform to better serve its customers across the globe,” said Yousaf Tahir, Vice President at Vance Street.
Paul Hastings LLP acted as legal advisors to Micronics and Vance Street Capital LLC. Allier Capital (an affiliate of William Blair) acted as the sell-side financial advisor while Kardos Scanlan was the legal advisor for Solaft. Senior debt financing for the transaction was provided by Fidus Investment Corporation and Churchill Asset Management.