Published by Todd Bush on October 27, 2022
Acquisitions affirm commitment to adding adjacent products and technologies and making strategic investments in channel partners
Everest Group adds high flow, low pressure vacuum dry screw pumps, vacuum boosters, and a new line of positive displacement blowers and packages to Ingersoll Rand’s product offerings; acquisition increases presence in India and exposure to high-growth, sustainable end markets
Airmax Groupe strengthens Ingersoll Rand’s position in France and adds strong local market expertise with significant recurring revenue from aftermarket service
Attractive aggregate low double-digit Adjusted EBITDA purchase multiple which is reduced to mid-single digits by year three of ownership
October 27, 2022 06:30 AM Eastern Daylight Time DAVIDSON, N.C.--(BUSINESS WIRE)--Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and industrial solutions, has entered into agreements to acquire Everest Blowers Private Limited and Everest Blower Systems Private Limited (collectively, 'Everest Group') and Airmax Groupe ('Airmax') for a combined all-cash upfront purchase price of approximately $86 million with additional potential consideration based on achievement of Everest financial targets.
>> In Other News: ENGIE Acquires 6 GW of Solar and Battery Storage Capacity Projects From Belltown Power U.S. And Significantly Strengthens Its Renewable Development Pipeline
Everest Group expands Ingersoll Rand's presence in India with complementary products under a leading brand. Everest Group is the Indian market leader for customized blower and vacuum pump solutions with a significant focus on innovation and exposure to high-growth, sustainable end markets including water treatment, pharma, and food and beverage. Everest Group operates through two manufacturing locations near Delhi, India and has approximately 420 employees.
Airmax is a French compressed air specialist with strong end-user relationships and a technician network focused on aftermarket service. Airmax has approximately 100 employees and nine locations across France.
'Everest Group is the leading domestic manufacturer of blowers and vacuum systems in India and significantly expands our presence in this key growth market. Additionally, it expands our vacuum product line with opportunities to grow both domestically and globally,' said Enrique Minarro Viseras, senior vice president and general manager of the ITS EMEIA business. 'Airmax is our largest channel partner in France and we have worked with them for multiple decades. The team has deep local market knowledge, a commitment to customer service and energy optimization expertise and I am thrilled they are joining the Ingersoll Rand family.'
Everest Group and Airmax have combined external revenue of approximately $35 million and are accretive to segment adjusted EBITDA margins. Both acquisitions are expected to close in the fourth quarter of 2022 and will join the Industrial Technologies and Services (ITS) segment of Ingersoll Rand.
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](www.IRCO.com).
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside this Issue 🌿 Gevo to Acquire Red Trail Energy Assets in North Dakota, Including Operating Low-carbon Ethanol Production and Carbon Sequestration Facilities, Expanding Platform for Sustainab...
Inside this Issue 💡 1PointFive's South Texas Direct Air Capture Hub Awarded U.S. Department of Energy Funding 🔗 H2 Clipper's Patented 'Hydrogen Ledger' Uses Blockchain Technology to Track Purity a...
Inside this Issue 💡 DOE Issues Notice of Intent for Funding to Advance Hydrogen and Fuel Cell Technologies to Drive National Decarbonization 🛢️ Exploring Natural Hydrogen: MAX Power’s Groundbreaki...
The world’s first ship-to-ship transfer of ammonia using vessels at anchorage in a working port environment has been completed. The transfer is a significant step towards realizing ammonia as a shi...
Company Marks Major Milestone Paving the Way for Zero-Emission Heavy-Duty Transportation BOLINGBROOK, Ill., Sept. 16, 2024 /PRNewswire/ — Hyzon (NASDAQ: HYZN) ("Hyzon" or the "Company"), a U.S.-ba...
Desert Mountain Energy Corp. Announces Commercial Production of Helium
VANCOUVER, BC, Sept. 16, 2024 /PRNewswire/ — DESERT MOUNTAIN ENERGY CORP. (the "Company") (TSXV: DME) (OTC: DMEHF) (Frankfurt: QM01) From the President of the Company. Desert Mountain Energy Corp. ...
Ara Energy Decarbonization to be Led by Shameek Konar, Former CEO of Pilot, and Team of Energy and Commodities Experts HF Capital, Investment Arm of Haslam Family, Commits up to $725 Million to Ar...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.