Aurora Capital Group has completed its sale of Porex Corp. to Filtration Group. Financial terms weren’t announced. Fairburn, Ga.-based Porex developes porous polymer materials. Robert W. Baird & Co. acted as financial advisor to Porex.
LOS ANGELES, Nov. 21, 2013 /PRNewswire/ — Aurora Capital Group (“Aurora”), a Los Angeles-based private equity firm with over $2 billion of assets under management, today announced that it has completed the sale of Porex Corporation, the leading global developer of porous polymer materials, to Filtration Group, a top global provider of filtration solutions. Financial terms of the transaction were not disclosed.
“Aurora’s investment in Porex exemplifies our investment strategy and the spirit of partnership we bring to our work,” said Michael J. Marino, Partner of Aurora Capital Group. “The seamless collaboration between Aurora, Porex and the Company’s independent board underpinned the success of an ambitious set of investment initiatives designed to grow Porex’s capabilities and its unique materials technology. As a result of these initiatives and several strategic transactions, Porex has evolved to become a larger, stronger and more innovative company. The entire Porex organization, led by President and CEO Bill Midgette, has done a tremendous job building this business, and we believe the Company is very well-positioned to continue on its exciting trajectory with Filtration Group.”
William Midgette, President and Chief Executive Officer of Porex, stated, “Aurora, and the board it put in place, have been incredible partners during a transformational period of growth for Porex. As a result of Aurora’s investment and support, we have elevated our performance, delivering our technology to world-class customers around the globe with record levels of innovation, speed and quality. Looking ahead, we are excited to partner with Filtration Group as we continue to expand our market-leading capabilities in porous polymer technology.”
Under Aurora’s ownership, Porex made a number of strategic acquisitions and divestitures, including the sale of Porex’s surgical division to Stryker Corporation in November 2010.
Robert W. Baird & Co. acted as financial advisor and Gibson, Dunn & Crutcher LLP acted as legal advisor to Porex.
About Aurora Capital Group
Aurora Capital Group is a Los Angeles-based private investment firm managing over $2.0 billion of capital across several private equity funds. Aurora’s traditional private equity vehicle, Aurora Equity Partners, focuses principally on control investments in middle market businesses with leading market positions, strong cash flow profiles, and actionable opportunities for growth in partnership with operating management. Aurora’s investors include leading pension funds, financial institutions, endowments and foundations active in private equity investing. For more information about Aurora Capital Group, visit www.auroracap.com.
About Porex Corporation
Founded in 1961 and based in Fairburn, GA, Porex is the pioneer and leading global developer of porous polymer materials. The Company primarily serves the healthcare and bioscience end markets, and also supports high-performance applications in the consumer and industrial sectors. Porex is widely recognized for its materials science expertise and proprietary designs which serve over 1,300 customers across more than 65 countries via operations in North America, Europe and Asia. For more information about Porex Corporation, visit www.porex.com.
About Filtration Group
One of the fastest growing filtration companies in the world, Filtration Group is passionate about cleaning air, reducing carbon emissions, increasing energy efficiency and keeping food, water and medical procedures safe through its wide range of filtration solutions. Serving industry leaders across the globe, Filtration Group operates facilities in 20 countries under three operating divisions: Liquid/Process, Environmental Air and Fluid. Headquartered in Chicago, Illinois, Filtration Group provides solutions to customers in the food & beverage; water, micro-electronics & telecommunications; environmental air; medical & bioscience; hydraulics; mining & minerals; industrial finishing and energy industries. For more comprehensive information, visit our website at: www.filtrationgroup.com.