DALLAS (AP) -- Peerless Manufacturing Co., which makes industrial filters and other pollution-abatement products, said Tuesday it agreed to buy Nitram Energy Inc. for $65 million in cash.
The deal is expected to close in the quarter ended June 30.
Nitram is the parent of manufacturing companies Burgess-Manning Inc., Bos-Hatten Inc. and Alco Products, which all make products for the oil and natural gas, chemical and petrochemical and power generation industries.
Peerless, based in Dallas, said the move will expand its product offerings, customer base, engineering and manufacturing resources and infrastructure.
Peerless said it will replace its existing credit facility with a $60 million senior secured revolving credit facility and issue $20 million of subordinated term debt when the deal closes.
