GVS SpA has agreed to purchase Kuss Filtration from Industrial Opportunity Partners for an undisclosed amount. IOP recently closed its third fund.
Kuss, located in Findlay, Ohio, makes automotive filters that are used in auto, agricultural and industrial equipment. The target has plants and offices located throughout the U.S., Europe, Brazil and China. IOP invested in Kuss in 2011.
GVS, headquarted in Zola Predosa, also makes filter products. In addition to the automotive and industrial markets, GVS also serves the healthcare sector. Ice Miller is advising GVS. Robert W. Baird and Winston & Strawn are doing the same for IOP.
IOP is an Evanston, Illinois-based middle market PE firm that invests up to $50 million in businesses that have between $30 million and $350 million in revenue. The firm focuses on the construction, automotive and industrial sectors. Earlier in 2017, IOP-backed Monroe Truck Equipment Inc. acquired Towmaster Inc.
Manufacturing for automobiles has been one of the M&A drivers in the middle-market. Other auto-related deals include: Audax’s acquisition of Fastener Distribution Holdings LLC, a distributor of hardware materials for the aviation industry; Crestview-backed Accuride's acquisition of Mefro Wheels; Sonaca Group’s deal to buy LMI Aerospace Inc. (Nasdaq: LMIA); and Monroe Truck Equipment Inc.’s purchase of equipment maker Towmaster Inc.