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.
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.