Vance Street-backed Keltec snaps up AJF Filtration
- Keltec’s products span from air/oil separators to air filters, oil filters, coalescing filters, hydraulic filters and refrigerated air dryers
- Vance Street invested in Keltec in 2024
- AJR was founded in 1997
Keltec, a portfolio company of Vance Street Capital, has acquired AJR Filtration, a Chicago-based maker of process liquid and dust collection filtration products.
Headquartered in Hudson, Ohio, Keltec specializes in designing, developing, and manufacturing filtration solutions. Keltec’s products span from air/oil separators to air filters, oil filters, coalescing filters, hydraulic filters and refrigerated air dryers.
“We have tremendous respect for the company the AJR team and its previous owners have built,” said Nic Janneck, partner at Vance Street in a statement. “Our experience in filtration has taught us that the best businesses in this industry are built over decades through technical expertise, trusted customer relationships and an unwavering commitment to quality.”
Lincoln International served as financial advisor and Winston Taylor LLP acted as legal advisor to Vance Street. Baird served as financial advisor and Barnes and Thornburg LLP served as legal advisor to AJR. Debt financing for the transaction was provided by Apogem Capital and BMO. Terms of the transaction were not disclosed.
Vance Street invested in Keltec in 2024.
AJR was founded in 1997.
