Cleanova, a portfolio company of London-based private equity firm PX3 Partners, is set to acquire Micronics Engineered Filtration Group in a transaction valued at $1.3bn, positioning the combined entity as one of the largest independent industrial filtration businesses globally.
The deal is expected to close in Q2 2025.
Cleanova, headquartered in Killarney, Ireland, is a global cleantech manufacturer specialising in mission-critical industrial filtration systems designed to ensure the reliability and efficiency of industrial processes while minimising environmental impact.
Meanwhile, Micronics, based in Chattanooga, Tennessee, is an established provider of industrial filtration systems and filter media, with a reputation in air and liquid filtration solutions across various demanding industrial applications.
The merged company will retain the Cleanova name and relocate its headquarters to Chattanooga, offering a broad portfolio of filtration solutions across diverse applications and end markets.
As part of the transaction, Chris Cummins, CEO of Micronics, will assume the role of CEO of the newly enlarged Cleanova business.
Javaid Riaz, Cleanova’s current CEO, will remain on the Board of Directors and continue to provide strategic counsel throughout the integration process.
Additionally, Vance Street Capital, Micronics’ current majority shareholder, and Micronics’ management team will reinvest a significant portion of their sale proceeds.
PX3 will also inject additional capital into the business, continuing to hold control of the company post-transaction.
BofA Securities and Santander are acting as financial advisors to PX3, with Weil, Gotshal & Manges serving as legal counsel. Jefferies, Goldman Sachs, and Santander provided committed debt financing for the deal. PX3 has also enlisted Alvarez & Marsal as accounting and tax advisors, Aon for benefits, insurance, and pension advisory, Debevoise & Plimpton for tax structuring, Kearney for synergy and operational advisory, KPMG for ESG advisory, Phoenix Advantage for IT advisory, and Rothschild & Co for debt financing advisory.
