CHARLOTTE – EnPro Industries, Inc., a supplier of industrial components, agreed to acquire Alluxa, Inc. for $255 million, the company announced earlier this week.

The deal was completed with cash on hand and rollover equity from executives at Alluxa.

Alluxa is a privately-held manufacturer of specialized optical filters and thin-film coatings based in Santa Rosa, California and founded in 2007. The company provides precision coating to customers in the Americas, Europe and Asia through its proprietary process and SIRRUS plasma deposition software.

“The business adds to our robust expertise and expands the suite of proprietary products and services we offer to our customers,” EnPro CEO Marvin Riley said in a statement.

“We believe that we can accelerate the growth of Alluxa by leveraging EnPro’s capabilities, industry relationships as well as capital and management resources,” Riley added.

Alluxa has posted 17 consecutive quarters of growth, and EnPro expects that Alluxa’s double-digit annual revenue growth will continue under new ownership.

Alluxa’s senior management team will continue with the company after the closing of the deal.

“This is the beginning of an exciting new chapter for Alluxa, and we are thrilled to join the EnPro family of companies,” Mike Scobey, Alluxa’s founder, CEO, and chief technology officer, said in the release.

EnPro, with its extensive capital, commercial, and other resources, is the perfect partner for us as we look to materially accelerate the growth of our company in the coming years,” Scobey added.

EnPro Inc. shares (NPO) were last trading up 5.44 percent, or $3.03, near $58.70.

The full release can be found here.

This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism