Miami-based private equity firm Empire Investment Holdings has completed its acquisition of the Groesbeck filtration business unit of Ahlstrom Corp. Financial terms of the deal were not disclosed. Groesbeck manufactures nonwoven air filtration media for the heating, ventilation and air conditioning industry.
Empire Investment Holdings announced that it has completed the acquisition of the Groesbeck filtration business unit, a division of Ahlstrom Corporation.
The division is a leading manufacturer of nonwoven air filtration media, with a focus on pleated media, serving the HVAC industry in North America, Europe and Asia. Polyester Fibers, an Empire portfolio company, will integrate the Groesbeck business unit into its Cumulus Fibres division.
“This is a key strategic add-on acquisition for our portfolio company,” said David F. Alfonso, chairman and chief executive officer of Empire Investment Holdings. “It expands our manufacturing footprint, provides further diversification for our filtration business and brings new manufacturing technology that will allow for expansion into new markets. This investment is an example of our commitment to support the growth of our companies.”
With this acquisition, Polyester Fibers adds over 100 employees, customers in North America, Asia and Europe, and annual revenues of approximately $25 million. The acquisition includes over 250 thousand square feet of space comprised of a manufacturing plant in Groesbeck, Texas and a distribution center located in Mexia, Texas.
Polyester Fibers will stay focused on providing the highest quality non-woven fibers and unmatched customer service. Management will announce additional details about its strategic plans during the initial integration period.