Ingersoll Rand to acquire vacuum pump manufacturer Air Dimensions Inc.
DAVIDSON, NC – Ingersoll Rand Inc., a global provider of critical flow creation and industrial solutions, has entered into an agreement to acquire Air Dimensions Inc. for a cash purchase of $ 70.5 million. The company intends to close the transaction on Friday, October 29, 2021.
Headquartered in Deerfield Beach, FF Air Dimensions designs, manufactures and sells vacuum diaphragm pumps primarily for environmental applications in high growth, sustainable end markets such as emissions monitoring, biogas, utilities and chemical processes. Upon closing, Air Dimensions will join the Precision and Science Technologies segment of Ingersoll Rand. Air Dimensions has estimated annual revenue of $ 11 million in 2021 and strong Adjusted EBITDA margins before synergy that are significantly higher than the Precision and Science Technologies segment.
“The ability to broaden our product portfolio, expand our reach into very attractive end markets, increase our exposure to the secondary market and welcome a team that shares our values makes the Air Dimensions transaction a prime example. implementing our inorganic growth strategy, ”said Vicente Reynal, Managing Director of Ingersoll Rand. “This transaction is directly aligned with our strategic and financial criteria for mergers and acquisitions designed to improve the quality of our portfolio and generate shareholder value. The acquisition of Air Dimensions positions us for future growth as a highly profitable company serving sustainable end markets and, with the significant synergy opportunities we have identified, it is a natural fit for Ingersoll Rand. “
Greg and David English, President and Chief Operating Officer, and owners of Air Dimensions, respectively, said: “Air Dimensions is celebrating its 50th anniversary as a family business this year and now is the perfect time to look to the next chapter of opportunities for the team and the company. With Ingersoll Rand, Air Dimensions will be part of an organization with a similar culture and better positioned to expand into new markets and geographies focused on providing superior quality products with impressive lead times. As part of the transaction, English and English are planning to retire after a period of transition with the company.