CLEVELAND, March 23, 2016 /PRNewswire/ -- Brown Gibbons Lang & Company (BGL), is pleased to announce the simultaneous sales of the United States, European, and Middle East filtration businesses of MFRI, Inc. (NASDAQ: MFRI) to CLARCOR Inc. (NYSE: CLC) and Hengst Holdings GmbH. The businesses manufacture pleated air filter bags and dust collection cartridges for a broad range of industrial manufacturing and process end markets to meet and achieve environmental and workplace safety requirements. The businesses also manufacture gas turbine air inlet filters that protect gas turbine blades and equipment. BGL served as the exclusive financial advisor to MFRI in the divestitures, and the transactions are representative of BGL's global industrial transaction capabilities and reach.
CLARCOR, through a subsidiary of its Industrial Air division, acquired the operational and intangible assets of TDC Filter Manufacturing, Inc. Located in Bolingbrook, Illinois, TDC is a leading U.S. manufacturer and supplier of pleated air filter bags and dust collection cartridges, and gas turbine air filters. TDC's products are widely recognized in the industrial air filtration space and complement CLARCOR's existing BHA aftermarket filter business.
Hengst Holdings GmbH purchased Nordic Air Filtration, A/S and related assets, consisting of Nordic Air Filtration, located in Nakskov, Denmark and Nordic Air Filtration, Middle East located in Fujairah, UAE. Nordic Air is a leader in the industrial pleated air filter market, particularly in gas turbine inlet air filtration. With the acquisition, Hengst will further its strategy to expand activities in the non-automotive market. Hengst is a specialist in filtration and filtration management and employs more than 2,000 people worldwide through locations in Germany, Brazil, China, and the United States.
Bradley Mautner, CEO of MFRI commented, "BGL's knowledge of our industry and the end markets we serve, as well as global capabilities, added significant value throughout the transaction process."
Andrew Petryk and Kevin Sargent from the BGL Industrials team led the transactions.
About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company is a leading independent investment bank serving the middle market. BGL specializes in mergers and acquisitions advisory services, debt and equity placements, financial restructuring advice, and valuations and fairness opinions, with global industry teams in Business Services, Consumer, Environmental & Energy Services, Healthcare & Life Sciences, Industrials, and Real Estate. BGL has offices in Chicago, Cleveland, and Philadelphia and real estate offices in Chicago, Cleveland, Irvine, and San Antonio, in addition to Global M&A partner offices in more than 50 countries across 5 continents. BGL is able to deliver to our clients unparalleled access to strategic relationships, investors, and opportunities globally. For more information, please visit www.bglco.com.
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