Celeros Flow Technology Progresses its Strategic Transformation
Selection from the wide range of Filtration Elements and Baskets offered by Celeros Flow Technology. (Image soure: Celeros Flow Technology)
Under the terms of the agreement, Px3 will purchase the Filtration business, which provides consumable, mission critical industrial filtration systems that allow customers to sustain their industrial processes and protect the environment by increasing efficiency, reducing emissions, and decreasing waste. The transaction is subject to customary regulatory approvals and closing conditions.
Upon completion of the transaction, Celeros FT intends to accelerate the strategic transformation of its market leading flow control solutions through reinvestment in the business, its employees, and the pursuit of strategic acquisitions that complement its core strengths.
José Larios, President, and CEO of Celeros Flow Technology, said, “Today’s announcement follows a comprehensive diligence process and represents a significant milestone for the Company. We are encouraged by the value that this deal creates for both Celeros FT and the Filtration business. Specifically, this divestiture will enable the Company to prioritize investments that will unlock greater value for our customers as we continue to build upon the positive progress of our full lifecycle aftermarket programs and our transformation to be the leader in our space for new energy solutions. The fit for Px3 and the Filtration business is strong and will result in great outcomes for our Filtration team members around the world. Upon completion of the sale, our business will be concentrated on serving customers in mission-critical flow control applications through our well positioned pump, valve, and closure brands.”
“We are thrilled to announce our first investment with the acquisition of Filtration,” said the Managing Partners of Px3. "We look forward to working closely with Filtration’s management team to build a global industrial filtration champion and purpose-driven leader in clean tech, with a best-in-class culture of performance. The acquisition perfectly aligns with our investment strategy, our situational differentiation, and our commitment to invest in high-quality businesses, with passionate teams and significant transformational growth potential. We are excited to partner with Filtration to accelerate our Company’s expansion plans and drive significant value for all of our stakeholders."
“We are excited about our future and are focused on the pillars of our strategy to be a full lifecycle partner, provide superior technology and reliability, and deliver through best-in-class operations with an employee culture that focuses on safety and creating winning outcomes with our customers. I want to thank our teams across the Company, as well as our advisors and business partners, for their hard work and positive contributions to today’s announcement and our progress this year,” concluded Larios.
BofA Securities is serving as financial advisor, Ernst & Young is serving as tax advisor to Celeros Flow Technology and Eversheds Sutherland is serving as legal counsel.
Source: Celeros Flow Technology