CLARCOR announced that it has entered into an agreement to acquire the filtration business of Stanadyne Corporation, a portfolio company of Kohlberg & Co., for approximately $325M, subject to contractually agreed adjustments. The transaction is expected to close within the next two weeks. With approximately 200 employees and 2013 annual revenues of approximately $107M, the business is a leading supplier of original equipment and replacement fuel filtration products, including the well-known Fuel Manager line of diesel fuel filters and water separators, primarily for off-road, agricultural and construction applications. The business has been supplying fuel filter solutions to leading original equipment manufacturers for more than 50 years and is headquartered in Windsor, CT, with manufacturing operations in Washington, NC and start-up operations in India. The business is a carve-out from a consolidated Stanadyne business that supplies fuel injectors and pumps in addition to fuel filtration products. Stanadyne Corporation will continue to own and operate the fuel injector and pumps business, and CLARCOR and Stanadyne Corporation will each provide certain transition services to the other during an interim period for the purpose of maintaining operational stability and meeting customer needs.
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