Vance Street Expands Aftermarket Filtration Platform with Acquisition of AFT

CHATTANOOGA, Tenn., July 19, 2023 /PRNewswire/ -- Vance Street Capital's Micronics Engineered Filtration Group ("Micronics" or the "Company"), a global provider of aftermarket and OEM filtration equipment and consumables, today announced the acquisition of AFT, a filter media division of FLSmidth. AFT was started by FLSmidth in 1999 and was known previously as Advanced Filtration Technologies.

Founded in 1983, Micronics is a global provider of aftermarket and OEM filtration equipment and consumables for use in mining, chemical, wastewater and various other industrial end markets. The Company serves customers across 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.

The acquisition of AFT expands Micronics' portfolio of engineered filtration solutions to better serve customers' baghouse filtration needs in industries such as cement, lime, power utilities, energy from waste, co-generation, mining, and minerals, where the demand for high- temperature technical felts, woven filter media, and membrane finishes is required to maintain environmental compliance with stringent emission requirements. AFT's dry filtration solutions will further support Micronics' focus on air pollution control and creating a clean, healthy environment through prevention of harmful emissions into the atmosphere.

"I am excited to welcome AFT to the Micronics family of trusted industrial filtration brands.  I am very much looking forward to working with our talented new AFT teammates in the USA, Europe, and India as we bring together our combined talents, capabilities, technical expertise, and process knowledge 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.

"The acquisition of AFT has helped us create one of the largest industrial filtration platforms and we remain dedicated to serving our valued customers across the globe with mission critical, high quality industrial filtration solutions that preserve and protect the environment." said Yousaf Tahir, Vice President at Vance Street.

"The AFT acquisition is the second corporate carve-out we have completed at Micronics, and the 11^th at Vance Street.  Our team has deep operating roots, and with support from our broad operating partner network we have been able to successfully acquire and integrate these businesses with meaningful untapped value." said Nic Janneck, Partner at Vance Street.

Paul Hastings LLP acted as legal advisors to Micronics and Vance Street Capital LLC.  AFT was represented by Curtin and Heefner.  Debt financing for the transaction was provided by Fidus Capital.

About Vance Street Capital LLC
Vance Street Capital is a middle-market private equity firm investing in highly engineered solutions businesses across the medical, life science, industrial, and aerospace & defense sectors. For over two decades, Vance Street's partners have worked with management teams and family owners to accelerate revenue growth, improve operations, and acquire strategic assets for the companies in their investment portfolio. For more information please visit: www.vancestreetcapital.com

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SOURCE Vance Street Capital