Ingersoll Rand Closes on ILC Dover and Announces Acquisition of Three Additional Companies

• Extends portfolio in sustainable end markets, including life sciences, food and beverage, medical, and wastewater treatment
• Demonstrates company’s commitment to capital allocation and achievement of mid-teens return on invested capital (ROIC) three years-post acquisition for three different acquisitions

DAVIDSON, N.C., June 03, 2024 (GLOBE NEWSWIRE) -- Ingersoll Rand Inc. (NYSE: IR), a global provider of mission-critical flow creation and industrial solutions, has closed on the previously announced acquisition of ILC Dover (“ILC”) and has acquired Complete Air and Power Solutions (“CAPS”), Del PD Pumps & Gear Pvt Ltd. (“Del Pumps”), and Fruvac Ltd. (“Fruitland Manufacturing”) for a combined purchase price of approximately $150 million.

The acquisition of ILC, with an upfront cash purchase price of approximately $2.325 billion, expands Ingersoll Rand’s addressable market to a total of approximately $65 billion in highly fragmented market segments with significant and sustainable growth opportunities. It adds new technologies for life science applications including innovative powder and liquid single-use solutions for various end markets including biopharma, pharma, cell and gene therapy.

“We thank ILC’s leadership and employees for their partnership in creating a global leader across multiple high-growth, life critical markets over the last four years,” said Andre Moura, managing director at New Mountain Capital. “We look forward to seeing the business continue on its impressive trajectory with Ingersoll Rand.”

In addition, three additional acquisitions demonstrate the continued commitment and success of the company’s capital allocation strategy:

Del Pumps, based in India, manufactures rotary, twin, and triple gear pumps for the loading, unloading, transfer, and pressurization of liquids. The acquisition will complement Ingersoll Rand’s portfolio of mission critical, high margin pumping solutions across life science, food and beverage, medical, natural gas, and wastewater treatment industries. Del Pumps will join the newly established Precision Technologies platform within the Precision and Science Technologies segment.

CAPS, based in Australia, has been providing compressed air and power generation services to a strong customer base for over 40 years. The acquisition is expected to expand the CAPS portfolio to include additional Ingersoll Rand products, which will provide greater expertise and choice for customers. The business will join the Industrial Technologies and Services (IT&S) segment.

Fruitland Manufacturing is a leading manufacturer of mobile and truck mounted vacuum pumps, systems, and peripheral parts. Based in Canada, Fruitland will expand Ingersoll Rand’s capabilities to include low flow applications in the mobile vacuum market. Fruitland will join the IT&S segment.

“I remain energized by Ingersoll Rand’s growth trajectory,” said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. “These acquisitions demonstrate our continued commitment to our inorganic growth strategy and ability to execute on our acquisition pipeline.”