Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and industrial solutions, has entered into an agreement to acquire Air Dimensions Inc. for an all-cash purchase of $70.5 million. The company intends to close the transaction on Friday, October 29, 2021.
Based in Deerfield Beach, Fla., Air Dimensions designs, manufactures and sells vacuum diaphragm pumps primarily for environmental applications in high-growth, sustainable end markets such as emission monitoring, biogas, utility and chemical processes. Upon closing, Air Dimensions will join Ingersoll Rand’s Precision and Science Technologies segment. Air Dimensions has an estimated $11 million in 2021 annual revenues and strong pre-synergy Adjusted EBITDA margins that are meaningfully higher than the Precision and Science Technologies segment.
“The ability to expand our product portfolio, extend our reach in highly attractive end markets, further aftermarket exposure and welcome a team that shares our values makes the Air Dimensions transaction an excellent example of delivering on our inorganic growth strategy,” remarked Vicente Reynal, chief executive officer of Ingersoll Rand. “This transaction is directly aligned with our strategic and financial M&A criteria designed to elevate the quality of our portfolio and generate shareholder value. The Air Dimensions acquisition positions us for future growth as a highly profitable business serving sustainable end markets and, along with the meaningful synergy opportunities we have identified, it is a natural fit for Ingersoll Rand.”
Greg and David English, president and chief operating officer, respectively, and owners of Air Dimensions, commented, “Air Dimensions is celebrating our 50th anniversary this year as a family-owned company and it is the perfect time to look to the next chapter of opportunities for the team and business. With Ingersoll Rand, Air Dimensions will be a part of an organization with a similar culture and better positioned to grow into new markets and geographies focused on delivering superior quality products with impressive lead times.” As part of the transaction, both English and English plan to retire following a transition time with the business.
About Ingersoll Rand Inc.
Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to helping make life better for our employees, customers and communities. Customers lean on us for our technology-driven excellence in mission-critical flow creation and industrial solutions across 40+ respected brands where our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity and efficiency. For more information, visit www.IRCO.com.
Forward-Looking Statements
This news release contains “forward-looking statements” as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including but not limited to, statements that relate to our intent to acquire Air Dimensions Inc., the expected benefits of the proposed transaction, the timing of the transaction and the outcome of anticipated revenue and synergy opportunities. These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Such risks and uncertainties, include, but are not limited to: our ability to timely obtain, if ever, necessary regulatory approvals of the proposed transaction; adverse effects on the market price of our common stock and on our operating results because of our inability to timely complete, if ever, the proposed transaction; our ability to fully realize the expected benefits of the proposed transaction; negative effects of announcement or consummation of the proposed transaction on the market price of the company’s common stock; significant transaction costs and/or unknown liabilities; general economic and business conditions that may impact the companies in connection with the proposed transaction; unanticipated expenses such as litigation or legal settlement expenses; changes in capital market conditions; the impact of the proposed transaction on the company’s employees, customers and suppliers; and the ability of the companies to successfully integrate operations after the transaction. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Additional factors that could cause Ingersoll Rand’s results to differ materially from those described in the forward-looking statements can be found under the section entitled “Risk Factors” in its most recent annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The foregoing list of important factors is not exclusive.
Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211028005415/en/
Contacts:
Misty Zelent
mzelent@irco.com
