Subsequent Events

12 Months Ended

Dec. 31, 2013

Subsequent Events [Abstract]

Subsequent Events

 17. Subsequent Events

On February 20, 2014 the Company completed an acquisition of certain industrial filtration businesses (“Industrial Filtration”) of Andrew Industries Limited, an Altham, United Kingdom based corporation pursuant to the terms of a Sale and Purchase Agreement (the “Sale and Purchase Agreement”) for $83.0 million in cash. The Industrial Filtration business has products sold under the brands Southern Felt in the United States, Andrew Webron in the United Kingdom, and China Felt in Asia, serves a global customer base in the manufacture of non-woven felt filtration media and filter bags used primarily in industrial air filtration applications including power, cement, asphalt, incineration, food and pharmaceutical. The final purchase price, subject to certain customary post-closing adjustments, was financed with a combination of cash on hand and $60.0 million of borrowings through the Company’s amended  $100 million credit facility.

On February 18, 2014 the Company amended and restated its $35.0 million senior secured revolving domestic credit facility to increase the available borrowing under this agreement to $100 million. The amended credit facility, secured by substantially all of the assets of the Company, has a maturity date of January 31, 2019 and was completed with the same financial institution as well as two additional financial institutions. The Company entered into this amended facility in part to fund the majority of the purchase price of the Industrial Filtration acquisition.