- Acquisitions complement Ingersoll Rand’s product and technology offerings and increase geographic reach, while adding new pump technology and capabilities
- Execution of bolt-on acquisition strategy continues to enhance company’s durable financial profile by serving high-growth, sustainable end markets
- Demonstrates company’s commitment to capital allocation and expected achievement of mid-teens return on invested capital (ROIC) by third full year of ownership
DAVIDSON, N.C., Oct. 01, 2024 (GLOBE NEWSWIRE) — Ingersoll Rand Inc. (NYSE: IR), a global provider of mission-critical flow creation and life science and industrial solutions, has acquired Air Power Systems Co., LLC (“APSCO”), Blutek s.r.l. (“Blutek”), and UT Pumps & Systems Private Limited (“UT Pumps”) for a combined purchase price of approximately $135 million. These acquisitions add more than $50 million in revenue cumulatively acquired at a high-single digit multiple of 2024 estimated Adjusted EBITDA.
APSCO, based in the United States, is a leading provider of hydraulic and pneumatic products and engineered solutions serving diverse specialty work truck vehicles. For 60 years, APSCO has served its customers with comprehensive offerings across hydraulic coolers, systems, and components in addition to pneumatic consoles, cylinders, valves, and switches. The acquisition will expand Ingersoll Rand’s leading position in the dry and liquid bulk markets with energy efficient, innovative solutions. APSCO will join the Industrial Technologies and Services (IT&S) segment.
Blutek, based in Italy, specializes in the design and production of highly engineered solutions for compressed air and nitrogen generation in mission-critical environments. As a certified supplier to leading Engineering, Procurement, and Construction (EPC) companies, Blutek will increase Ingersoll Rand’s ability to compete in high specification projects, adding technology capabilities, expertise, and aftermarket potential in high-growth end markets including biogas and carbon capture. The business will join the IT&S segment.
UT Pumps is a leading Indian manufacturer of screw pumps and triplex plunger pumps. This acquisition adds new pump technology to Ingersoll Rand’s portfolio. Its high-pressure pumps are mainly focused on attractive end markets including water, wastewater, food and beverage, pharmaceuticals, general industrial, and chemicals. UT Pumps will join the Precision and Science Technologies (P&ST) segment.
“Investments in sustainability, innovation, and aftermarket are core to our growth and today’s announcement underscores our commitment to deploy capital in pursuit of this strategy,” said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. “These acquisitions demonstrate our successful bolt-on acquisition playbook, which when combined with the power of Ingersoll Rand Execution Excellence (IRX), will continue to deliver value to both customers and shareholders.”
Thus far, Ingersoll Rand has closed 14 acquisitions this year as part of its disciplined capital allocation strategy.
About Ingersoll Rand Inc.
Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers, shareholders, and planet. Customers lean on us for exceptional performance and durability in mission-critical flow creation and industrial solutions. Supported by over 80+ respected brands, 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” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to Ingersoll Rand Inc.’s (the “Company” or “Ingersoll Rand”) expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “on track to” “will continue,” “will likely result,” “guidance” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than historical facts are forward-looking statements.
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. 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. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) adverse impact on our operations and financial performance due to natural disaster, catastrophe, global pandemics (including COVID-19), geopolitical tensions, cyber events or other events outside of our control; (2) unexpected costs, charges or expenses resulting from completed and proposed business combinations; (3) uncertainty of the expected financial performance of the Company; (4) failure to realize the anticipated benefits of completed and proposed business combinations; (5) the ability of the Company to implement its business strategy; (6) difficulties and delays in achieving revenue and cost synergies; (7) inability of the Company to retain and hire key personnel; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions; (10) actions by third parties, including government agencies; and (11) other risk factors detailed in Ingersoll Rand’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC’s website at http://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.
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