NEWS RELEASE                                                                                                  AUGUST 2014

U.S. Cartridge Companies Are Becoming International Leaders through Acquisitions

Three of the world’s top suppliers of liquid filtration cartridges have increased their market share in the last twelve months due to acquisitions. The mergers and market shares are tracked in Cartridge Filters: World Market published by the McIlvaine Company.

These leading companies are expanding vertically by acquiring suppliers of vessels and media.  They are expanding their application scope by buying competitors who are strong in specific industries, and they are expanding their geographic reach with acquisition of companies with regional strength.

Pall Corporation has acquired Filter Specialists, Inc. (FSI), a worldwide supplier of filtration products and solutions based in Michigan City, Indiana.

“The addition of FSI’s products and technologies to our existing portfolio of filtration solutions is a great fit for Pall. FSI’s offerings are very complementary and add solutions to our existing addressable markets, in addition to covering markets where we currently don’t have complete solutions,” said Larry Kingsley, Pall Chairman and CEO. “The FSI products and markets tie nicely to our current plans of creating value for our customers, particularly in the oil and gas, chemical, and other industrial markets.”

FSI is operating primarily in the industrial paint, chemical, petrochemical, oil and gas, and food and beverage markets.  For Pall this is a good fit since FSI is a major supplier of vessels which house the cartridges.

Clarcor, Inc has completed the acquisition of Stanadyne Corp’s filtration business from Kohlberg & Co LLC, in a US$325 million deal. Stanadyne’ supplies original equipment (OE) and replacement fuel filtration products primarily for off-road, agricultural and construction applications. With 2013 revenues of approximately US$107 million and around 200 employees, the filtration business has manufacturing facilities in Washington, North Carolina and start-up operations in India.

Christopher Conway, Clarcor’s chairman, president and chief executive officer (CEO) said: “By combining this business with the OE capabilities of the other companies in our Engine/Mobile segment, Baldwin Filters and Clark Filter, we believe we will have the scale and focus to better serve OE customers and grow this side of our business in a meaningful fashion.”

Filtration Group, a portfolio company of Madison Capital Partners has grown to include AG Industries, Air Flow Technology, Buffalo Filter, Chemco Manufacturing, Clear Edge Filtration, Dafco Filtration Group, Filtrair, Filtran, Filtration Group, Global Filter, Jonell, Porex, Universal Air Filter and Waco Filters. AG Industries, Buffalo Filter, Clear Edge Filtration, Jonell and Porex were all acquired during 2013.

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