Barnes & Thornburg Guides AJR Filtration in Its Sale to Vance Street Capital’s Keltec

Barnes & Thornburg served as legal advisor to AJR Filtration, a Chicago-area manufacturer of process liquid and dust filtration products, in its sale to Keltec, a portfolio company of Vance Street Capital.

The deal, announced on Aug. 11, 2026, expands Keltec’s existing portfolio of compressed air and hydraulic filtration products, creating a broader platform with additional filtration applications. The combined company will have a stronger competitive position among its rivals. The terms of the transaction are private.

Founded in 1997, AJR had been a family-owned manufacturer that serves customers across the U.S. and Canada with critical consumable filtration solutions for demanding applications. 

Keltec was established in 1982 and is headquartered in Hudson, Ohio. The company designs and manufactures aftermarket filtration components used in general industrial, pharmaceutical, aerospace and other markets where filtration products play a critical role in protecting equipment and maintaining system performance. Vance Street Capital, a middle-market private equity firm, began investing in Keltec in 2024.

The Barnes & Thornburg team was led by partners Jeff Gray and Catherine Turgeon.