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C.W. Downer & Co. Advises Lydall on Significant Filtration Acquisition

Lydall Acquires Industrial Filtration Business of Andrew Industries Limited

BOSTON, February 27, 2014 – C.W. Downer & Co., a leading global middle-market investment bank, is pleased to announce that Lydall, Inc. (NYSE: LDL) has acquired the industrial filtration businesses (“Andrew Filtration”) of Andrew Industries Limited, an Altham, United Kingdom based corporation. The deal closed on February 20, 2014 for $83 million in cash.

Andrew Filtration, which includes the highly regarded SOUTHERN FELT™, ANDREW WEBRON™ and CHINA FELT COMPANY™ brands, is a leading global manufacturer and supplier of non-woven filter media and filter bags for industrial pollution control. Their highly engineered needle felt products are sold to both OEMs and end users within the power generation, asphalt, cement, steel, incineration, food and pharmaceutical industries. Andrew Filtration generated unaudited revenues of approximately $127 million for the 12 months ending December 2013.

Dale Barnhart, Lydall’s President and Chief Executive Officer, said in a company statement, “The acquisition of Andrew Filtration expands our global footprint, adds complementary and new technologies, as well as meaningful scale that provides a platform for long-term growth, and better positions us to deliver meaningful shareholder value. We expect new growth opportunities will result from manufacturing and selling complementary products and leveraging Andrew Filtration’s well-established presence in faster-growing Asian markets.”

“We are very pleased to have worked alongside Lydall’s management team to complete this transformative acquisition,” said Paul Colone, Managing Director and Partner with C.W. Downer & Co. “The acquisition represents an ideal fit with Lydall’s strategy of utilizing its strong financial position and manufacturing expertise to increase the company’s presence in growing filtration markets and to further expand its reach into international markets. It also serves as an excellent example of C.W. Downer’s approach to the buyside in terms of forming a true partnership with our client and serving as an extension of their internal team,” he continued.

“With Andrew Filtration’s operations in the United States, United Kingdom and China, this acquisition speaks to C.W. Downer’s expertise in advising on global transactions and working through the specific challenges that often accompany cross-border deals,” said Colone. “We congratulate Lydall on completing this important transaction and we look forward to continuing our relationship with the team well into the future.”

The C.W. Downer & Co. team assisting Lydall with the acquisition included Mr. Colone (Managing Director & Partner), Arthur Gottlieb (Managing Director & Partner), and Charles-Henri Raindre (Analyst). C.W. Downer & Co. also advised Lydall on the June 2011 sale of its Lydall Industrial Thermal Solutions, Inc. ("Affinity") business.

About C.W. Downer & Co.

C.W. Downer & Co. is an independent, global investment bank offering middle-market clients a high level of personal attention coupled with 39 years of international execution experience. We provide insight, not just information. We generate value, not just transactions. With nine fully integrated offices on four continents, we consistently identify the most appropriate strategic buyer and uncover “hidden” acquisition targets. C.W. Downer & Co. delivers the reach of a bulge-bracket investment bank with the senior level focus of a boutique. For more information, visit http://www.cwdowner.com.

For Further Information:

Paul Colone, Managing Director & Partner
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C.W. Downer & Co.
+1 617 482 6200

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