A Major Shake-Up in the Pleated Filter Industry

The pleated air filtration space is undergoing one of the most significant consolidation waves in its history.

Rensa Filtration is the most active acquirer in the sector. Backed by private equity, Rensa has completed 9+ acquisitions over the last several years, rapidly building a national platform through an aggressive roll-up strategy. Their pace and consistency signal a long-term bet on scale, distribution density, and operational leverage in filtration.

Atmus Filtration Technologies, which completed its spin-off from Cummins in March 2024, is now actively buying its way into the broader filtration market. Atmus announced its plan to acquire Koch Filter Corporation for approximately $450 million, signaling a clear strategy to expand beyond its legacy engine-OEM roots and establish itself as a significant long-term player in industrial and commercial filtration.

Parker-Hannifin’s acquisition of Filtration Group is a historic $9.25 billion deal—the largest in filtration industry history.

For context on valuation:

Parker-Hannifin’s $9.25B acquisition of Filtration Group implies roughly ~19–20× adjusted EBITDA

Atmus’s $450M all-cash acquisition of Koch Filter was done at an estimated ~14× EBITDA.

Continuim Equity Partners’ acquisition of NC Filtration, while the value was undisclosed, is another signal that private equity remains highly active in the filtration space.

The equipment side of the industry is also changing rapidly. With Jewett Automation’s acquisition of FTS, the U.S. now has just two primary builders of filtration machinery.

In closing, major shifts are underway as private equity and public companies deploy significant capital across the industry.