Paul Hastings, Jones Day and Eversheds Sutherland have been called in to advise on Parker Hannifin’s acquisition of privately held filtration tech business Filtration Group from Madison Industries.
Jones Day is acting as principal deal counsel for Parker, while Eversheds is serving as Parker’s European legal counsel. Paul Hastings is advising Filtration Group.
Parker Hannifin – which makes motion and control technologies across industries including aerospace, HVAC and life sciences – agreed to acquire the company for $9.25bn on a cash-free, debt-free basis, representing a 19.6x multiple on Filtration Group’s calendar year 2025 estimated adjusted EBITDA. The transaction is expected to be financed through a combination of new debt and cash on hand, with the deal anticipated to close within six to 12 months.
The Jones Day team advising Parker was led by Cleveland-based M&A partners Patrick Leddy and Jared Hasson, while the Eversheds team was led by M&A partner Amanda Partland. Partland also advised Parker Hannifin earlier this year on its roughly $1bn acquisition of motor speed-controller manufacturer Curtis Instruments. Jones Day was also on that same deal.
Meanwhile, the Paul Hastings team advising Filtration Group was led by private equity co-chair Brian Richards, alongside partners Jade-Alexandra Fearns, Michael Murray, Keith Schomig, Ziemowit Smulkowski and Holly Snow.
Jenny Parmentier, Parker’s chairman of the board and CEO, said: “This strategic transaction continues our investment in high quality businesses that continue to transform our portfolio, accelerate sales growth and improve profitability.
“The acquisition will create one of the largest global industrial filtration businesses. Filtration Group’s complementary capabilities and strong aftermarket presence enhances our ability to serve customers globally.”
Parker Hannifin estimates the deal will result in pre-tax cost synergies of around $220m by the end of year three following the completion of the transaction.
Jon Pratt, president and CEO of Filtration Group, said: “Parker is an exceptional company, and we are confident Filtration Group will benefit from Parker’s increased scale, technical knowledge and disciplined approach to driving growth and operational excellence.”
Barclays is serving as financial advisor to Parker Hannifin, while Lincoln International is financial advisor to Filtration Group.
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