Filtration Group to Acquire Porex Corporation Companies Affirm Commitment to Innovation in Partnership with Customers
FAIRBURN, Ga. and CHICAGO, Oct. 23, 2013 /PRNewswire/ -- Filtration Group Corporation, a leading provider of filtration solutions, and Porex Corporation, a leading global developer, manufacturer and distributor of porous polymer products, today announced that they have executed a definitive agreement whereby Filtration Group will purchase Porex from Los Angeles based investment firm Aurora Capital Group. Filtration Group is owned by Chicago based Madison Capital Partners. Financial terms of the transaction were not disclosed.
The combined company will have a robust portfolio of products and technologies that serve a diverse range of end markets, including the food & beverage, healthcare, industrial, mining, micro-electronics, consumer, water and energy industries. The companies share a deep commitment to customer service and innovation. Following the transaction close, the combined company will serve customers in over 65 countries.
Founded in 1961 and based in Fairburn, GA, Porex is a global leader and top innovator in the development and manufacturing of porous polymer products. Porex experienced strong growth during its partnership with Aurora Capital, strengthening its market-leading position through a number of strategic initiatives and streamlining growth through industry-leading innovation. Filtration Group is a developer, designer and manufacturer of liquid, air and fluid filtration solutions serving industry leaders across the world. Filtration Group and its affiliates have been at the forefront of filtration design and technology since 1942.
"Since pioneering the industry over 50 years ago, our mission has been to provide our customers with a wide range of advanced, high performance, porous materials," said William Midgette, President and Chief Executive Officer of Porex. "I am extremely proud of our 750 employees and their dedication to developing and manufacturing the products recognized as the standard of performance in porous polymer solutions. Together with Filtration Group, we look forward to further accelerating our growth and success.
"We would also like to thank Aurora, which has been a source of invaluable support and dedication to our team during the past few years," Midgette continued. "With Aurora's engagement, investment and partnership, we were able to elevate our performance to a new level."
Robert W. Baird & Co. acted as financial advisor and Gibson, Dunn & Crutcher LLP acted as legal advisor to Porex. Paul, Hastings, Janofsky & Walker LLP acted as legal advisor to Filtration Group.
About Porex Corporation
Founded in 1961 and based in Fairburn, GA, Porex is the pioneer and global leader in the development and manufacturing of porous polymer products. The Company primarily serves the healthcare and bioscience end markets, and also supports high-performance applications in the consumer and industrial sectors. Porex is widely recognized for its materials science expertise and proprietary designs which serve over 1,300 customers across more than 65 countries via operations in North America, Europe and Asia. For more information about Porex Corporation, visit www.porex.com.
About Filtration Group
One of the fastest growing filtration companies in the world, Filtration Group is passionate about cleaning air, reducing carbon emissions, increasing energy efficiency and keeping food, water and medical procedures safe through its wide range of filtration solutions. Serving industry leaders across the globe, Filtration Group operates facilities in 20 countries under three operating divisions: Liquid/Process, Environmental Air and Fluid. Headquartered in Chicago, Illinois, Filtration Group provides solutions to customers in the food & beverage; water, micro-electronics & telecommunications; environmental air; medical & bioscience; hydraulics; mining & minerals; industrial finishing and energy industries. For more comprehensive information, visit www.filtrationgroup.com.
About Aurora Capital Group
Aurora Capital Group is a Los Angeles-based private investment firm managing over $2.0 billion of capital across several private equity funds. Aurora's traditional private equity vehicle, Aurora Equity Partners, focuses principally on control-investments in middle-market businesses with leading market positions, strong cash flow profiles, and actionable opportunities for growth in partnership with operating management. Aurora Resurgence invests in debt and equity securities of middle-market companies and targets complex situations including corporate carve outs. Aurora's investors include leading public and corporate pension funds, endowments and foundations active in private equity investing. For more information about Aurora Capital Group, visit www.auroracap.com.
Sharon Stern / Bryan Darrow
Joele Frank, Wilkinson Brimmer Katcher
SOURCE Porex Corporation