Livingstone advises Equistone-backed SF-Filter AG on continuation of expansion with strategic add-on in Germany
Livingstone has repeatedly advised SF-Filter AG, a Switzerland-based portfolio company of Equistone Partners Europe, on continuing its growth trajectory with another add-on acquisition. The acquisition of Thoben Antriebs- und Filtertechnik GmbH (“Thoben”) provides SF-Filter with strategic access to the dynamic northern German filtration market, while further solidifying its role as a leading European distribution platform focused on filtration solutions. The terms of the transaction have not been disclosed.
SF-Filter Group, headquartered in Bachenbülach, Switzerland, has evolved into a leading European provider of filter solutions for applications in the air, fuel, hydraulics, pneumatics, fluids, dedusting, and HVAC sectors. With a broad product range, end customers, and resellers, the company has established itself as a relevant one-stop shop. Funds advised by Equistone acquired SF-Filter in 2022 and have since supported the company’s dynamic internationalization and growth strategy. At the core of this approach is a targeted buy-and-build strategy aimed at continuously strengthening SF-Filter’s position as a leading European distributor of mobile and industrial filters across all types and manufacturers. The recent acquisition of Thoben marks the consistent continuation of this strategy, following the successful takeover of Busse & Kuntze in 2023 and three further acquisitions in 2024 – including the acquisition of Hermans Brems in Belgium, as well as the takeovers of Italian filtration specialist Filter Center and German filter distributor Ostholte.
Thoben Antriebs- und Filtertechnik GmbH, based in Weyhe near Bremen, has been an established specialist in the northern German filtration aftermarket since its founding in 1986. With its recent acquisition and integration by SF-Filter, the group is not only strengthening its leading market position in Germany and Europe but also securing direct regional access to the attractive northern German market. The new location in the economically dynamic region around Bremen and Hamburg enables even more targeted support for local customers. Thoben contributes extensive expertise in filtration technology and enhances the group’s offering with a complementary product range for mobile applications, including clutches, starters, and alternators. With a team of around 20 employees, the company operates internationally in the Netherlands, Austria, and Switzerland. Former Managing Director and majority shareholder Sarah Thoben is stepping down from the operational business following the successful completion of the transaction.
“With the acquisition of a strong market player in northern Germany, we are sending a clear message: this region holds significant potential for us, and we aim to achieve sustainable growth here as a Group. It is especially important to us not only to preserve the close, long-standing, and trusted relationships the company has built with its customers but also to further deepen them,” explained Daniel Infanger, CEO of the SF-Filter Group. “Our sincere thanks go to the Livingstone team, whose professionalism and pragmatic approach to mid-market transactions played a key role in the success of this acquisition and once again contributed significantly to the implementation of our growth strategy.”
Sarah Thoben, Managing Director of Thoben Antriebs- und Filtertechnik, adds: “For me personally, it was of utmost importance to place the company in good hands and ensure a secure future. As part of a fast-growing group, the company now has a stable and forward-looking foundation. Our long-standing and dedicated employees have invested great passion in building close relationships with our customers – which is why it was important to me that they can continue their work in an environment they know and trust. ”
“With the acquisition of Thoben, the SF-Filter Group continues its consistent growth trajectory. Following successful market entries in Italy with the acquisition of Filter Center and in Belgium with Hermans Brems, this transaction represents another key milestone in one of SF-Filter’s core markets. It reflects the ongoing consolidation in the aftermarket for filtration solutions and makes a significant contribution to strengthening SF-Filter’s market position across Europe. We would like to thank the management of SF-Filter and Equistone for their continued trust and look forward to continuing our joint journey of executing a structured buy-and-build strategy for the SF-Filter Group across Europe,” added Johannes Faber, Partner at Livingstone Düsseldorf.
This is the fourth add-on transaction for SF-Filter Group that Livingstone has successfully advised on in the last 15 months. It is further evidence of Livingstone’s understanding and success in realizing planned growth strategies through structured buy-and-build add-on transactions for platform companies such as the Amadys Group, the vitronet Group, or the Andra Tech Group.
