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.
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.