Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and industrial solutions, will acquire Deerfield Beach, Florida-based Air Dimensions Inc. for $70.5 million.
The all-cash deal is expected to close Friday, Ingersoll Rand announced.
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.
Once the agreement closes, 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, Ingersoll Rand said.
“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,” Ingersoll Rand CEO Vicente Reynal said. “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.”