Vance Street Capital’s (“Vance Street”) portfolio company, Keltec Technolab (“Keltec”) today announced the acquisition of Swift Filters (“Swift”). Founded in 1970, Swift is a leading North American manufacturer of custom designed, highly engineered filter and strainer elements for hydraulic applications.
Headquartered in Twinsburg, Ohio, Keltec specializes in designing, developing, and manufacturing an extensive array of filtration solutions for compressed air solutions across various industries, including general industrial, pharmaceutical, aerospace, and many others. Keltec’s product offering is diverse with over 12,000 SKUs, spanning from air/oil separators to air filters, oil filters, coalescing filters, and refrigerated air dryers, all of which are essential in avoiding defects and extending the useful life of compressed air systems for its customers.
The acquisition of Swift will combine Keltec’s expertise in compressed air and gas filtration with Swift’s decades-long experience in fluid power and hydraulic filtration creating a one-stop shop for their combined customer base. The combined organization has over 100 years of experience of serving customers with compressed air and hydraulic filtration solutions.
“We are very excited to join forces with Keltec, a growing global filtration solutions leader. We feel the combination of Keltec and Swift will create a holistic product suite of compressed air and gas and hydraulic filtration solutions and will provide us resources to effectively serve our customers’ filtration needs,” said Ned and Charlie Swift, co-founders of Swift.
“Vance Street looks to partner with family-owned businesses like Swift,” said Nic Janneck, Partner at Vance Street. “Over the last 50+ years Swift has developed the capabilities to manufacture highly engineered hydraulic filtration products, and we look forward to supporting Swift in its next chapter of growth.”
“Swift’s robust manufacturing capabilities and engineering expertise will allow the combined business to better serve customers across the globe with mission critical industrial filtration solutions,” said Chuck Hughes, Vice President at Vance Street.
Winston & Strawn LLP acted as legal advisor to Vance Street. Signet Capital Advisors served as financial advisor and Brenner Kaprosy Mitchell, L.L.P. served as legal advisor to Swift. Debt financing for the transaction was provided by Apogem Capital. Terms of the transaction were not disclosed.
