On June 12, global pumps and compressors manufacturer Ingersoll Rand announced it has agreed to acquire Howden Roots LLC from Chart Industries, Inc. for an all-cash purchase price of approximately $300 million.
Roots is a provider of low-pressure compression and vacuum technologies, according to a news release announcing the agreement. The company has approximately $115 million in revenue and an established installed base that “supports a strong aftermarket business model,” according to the release.
“We have long admired Roots and are thrilled to add this iconic brand to our portfolio. This complementary acquisition expands our low-pressure compression and vacuum product offerings and adds centrifugal compression capabilities,” said Vicente Reynal, Chairman and CEO of Ingersoll Rand. “Additionally, Roots’ focus on enabling critical applications to advance a more sustainable world aligns with Ingersoll Rand’s commitment to Make Life Better. I am especially excited about Roots’ differentiated expertise in green steel and the opportunities that creates for other parts of our business.”
The deal is expected to close sometime in this year’s third quarter. After close, Roots will join Ingersoll Rand’s IT&S segment.
“Ingersoll Rand is an excellent home for Roots,” stated Jill Evanko, CEO and President of Chart Industries. “Ingersoll Rand’s multi-channel, multi-brand strategy ensures continuation of the Roots brand and their ownership mindset and model will benefit the Roots employees.”