Align Capital Partners Announces Sale of Pleatco Filtration to Pentair plc
LOUISVILLE, KY 15th September 2021, 2021 – Pleatco Filtration (the “Company”), a portfolio company of Align Capital Partners (“ACP”), is pleased to announce that the Company has entered into a definitive agreement to be acquired by Pentair plc (“Pentair”) (NYSE: PNR). This transaction marks an exciting new milestone in the history of Pleatco who have earned the reputation as a leader and innovator in the Pool & Spa industry and have successfully forged into the industrial air filtration arena in recent years.
Headquartered in Louisville, KY, Pleatco is a leading aftermarket-focused manufacturer of highly engineered clean air and pool and spa water filtration technologies that helps protect people, processes, and the environment. ACP acquired Pleatco in June 2017 and has spent the last four years professionalizing and growing the business through several key initiatives.
“Pleatco has been truly transformed through an aggressive series of investments in people, systems, facilities and products,” said ACP Managing Partner Rob Langley. “Additionally, the key tenets of the business that attracted us to the investment years ago are still driving the company forward today. Pleatco benefits from the recurring nature of its highly engineered, consumable products that are focused on serving pool, spa and industrial air customers’ aftermarket needs.”
“With the planned acquisition of Pleatco, we are excited about the opportunity to offer additional options to pool, spa, and industrial air customers and we are looking forward to welcoming the Pleatco employees to our Pentair team,” said John Stauch, Pentair President and CEO.
Over the past few years since Pleatco was acquired by ACP, executive leadership from within the industry was recruited including President Seth Soltow and active board member Rick Von Drehle. The management team was rounded out with a new CFO, Sharon Adams and CRO, Pete Todd to work beside long term Pleatco brand leader CMO, Battista Remati while supplementing strong existing talent at the Company and transforming the sales organization. Pleatco also completed add-on acquisitions, which drove product expansion into industrial air and diversified the Company’s pool & spa filter offerings and capabilities.
“It’s been incredible to see the pace of change and growth within Pleatco since I joined the Company in 2018,” said Mr. Soltow. “ACP’s operating and growth resources served as active partners who committed much more than just capital to our management team. The Company today is well positioned for continued growth alongside the additional scale and resources that Pentair provides.”
In the immediate future, the completion of the acquisition is subject to customary closing conditions and necessary regulatory approvals, including expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.*
About Pleatco Filtration
Pleatco is a leading designer and manufacturer of aftermarket pleated filter cartridges, pleated bags, and other filtration products for the industrial air and pool / spa markets across USA and Europe. Pleatco Filtration brings together the combined forces of former brands APEL, Milton, and TVS and incorporates stand-alone brands Guardian Filtration, EFI and ECO Filtration under the one umbrella, leveraging collective engineering, manufacturing, and logistics resources to deliver best-in-class products backed by industry leading sales, marketing, and customer service teams. For more information, visit pleatco.com. For more information, visit pleatco.com.
About Align Capital Partners
Align Capital Partners is a growth-oriented private equity firm that partners with business owners and management teams to create shared success. ACP manages $775 million in committed capital with investment teams in Cleveland and Dallas. ACP brings experience and resources to help lower-middle market companies accelerate their growth, to the benefit of management, employees and the firm’s investors. ACP makes control investments in differentiated companies within the business services, technology, specialty manufacturing and distribution sectors. For more information, visit aligncp.com.
ABOUT PENTAIR PLC
Pentair makes the most of life’s essential resources. From our residential and business solutions that help people move, improve and enjoy their water, to our sustainable innovations and applications, we deliver smart, sustainable solutions for life.
Pentair had revenue in 2020 of $3 billion, and trades under the ticker symbol PNR. With approximately 9,750 global employees serving customers in more than 150 countries, we work to help improve lives and the environment around the world. To learn more, visit pentair.com.