Ingersoll Rand Inc. (NYSE:IR), Davidson, North Carolina, on Monday announced it has agreed to acquire positive displacement pump manufacturer Seepex GmbH (Seepex) for €431.5 million (US$514.2 million). The deal is expected to close in the third quarter.

“With this transaction, we continue to accelerate our growth plan and deliver on our commitment to advance our digital capabilities, aftermarket growth, and complementary technology and innovation efforts,” said Ingersoll Rand CEO Vicente Reynal. “Seepex has an exceptional historic organic growth profile with a high single digit revenue CAGR since 2017 with double digit growth expected in 2021, supported by a solid installed base of over 210,000 pumps and recurring aftermarket business that is already above 40% of its total annual revenue.”

Based in Bottrop, Germany, with facilities in North America and Asia Pacific, Seepex has approximately 800 employees and annual revenue of approximately €160 million (US$190.7 million) Once the deal closes, the Seepex business will join the Ingersoll Rand Precision and Science Technologies (PST) segment.