Ingersoll Rand To Buy Everest Group And Airmax Groupe In A $86 Mln Deal
Ingersoll Rand Inc. (IR), a global provider of mission-critical flow creation and industrial solutions, on Thursday said it has entered into agreements to acquire Everest Blowers Private Limited and Everest Blower Systems Private Limited, both based in India and Airmax Groupe, based in France.
The combined all-cash upfront purchase price is approximately $86 million with additional potential consideration based on achievement of Everest financial targets.
Everest Group and Airmax have combined external revenues of approximately $35 million and are accretive to segment adjusted EBITDA margins. The attractive aggregate low double digit Adjusted EBITDA purchase multiple would be reduced to mid-single digits by year three of ownership.
Both acquisitions are expected to close in the fourth quarter of 2022 and would join the Industrial Technologies and Services (ITS) segment of Ingersoll Rand.
Everest Group is the Indian market leader for customized blower and vacuum pump solutions with exposure to high-growth, sustainable end markets including water treatment, pharma and food and beverage. It operates through two manufacturing locations near Delhi, India. The 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.
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. The Airmax Groupe strengthens Ingersoll Rand’s position in France and adds strong local market expertise with significant recurring revenue from aftermarket service.
Shares of Ingersoll Rand closed Wednesday’s trading at $48.61, down $0.28 or 0.57 percent from the previous close.
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