Ingersoll Rand to Acquire Everest Group and Airmax Groupe

• Acquisitions affirm commitment to adding adjacent products and technologies and making strategic investments in channel partners

• 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; acquisition increases presence in India and exposure to high-growth, sustainable end markets

• Airmax Groupe strengthens Ingersoll Rand’s position in France and adds strong local market expertise with significant recurring revenue from aftermarket service

• Attractive aggregate low double-digit Adjusted EBITDA purchase multiple which is reduced to mid-single digits by year three of ownership

October 27, 2022 06:30 AM Eastern Daylight Time DAVIDSON, N.C.--(BUSINESS WIRE)--Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and industrial solutions, has entered into agreements to acquire Everest Blowers Private Limited and Everest Blower Systems Private Limited (collectively, 'Everest Group') and Airmax Groupe ('Airmax') for a combined all-cash upfront purchase price of approximately $86 million with additional potential consideration based on achievement of Everest financial targets.

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Everest Group expands Ingersoll Rand's presence in India with complementary products under a leading brand. Everest Group is the Indian market leader for customized blower and vacuum pump solutions with a significant focus on innovation and exposure to high-growth, sustainable end markets including water treatment, pharma, and food and beverage. Everest Group operates through two manufacturing locations near Delhi, India and has approximately 420 employees.

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.

'Everest Group is the leading domestic manufacturer of blowers and vacuum systems in India and significantly expands our presence in this key growth market. Additionally, it expands our vacuum product line with opportunities to grow both domestically and globally,' said Enrique Minarro Viseras, senior vice president and general manager of the ITS EMEIA business. 'Airmax is our largest channel partner in France and we have worked with them for multiple decades. The team has deep local market knowledge, a commitment to customer service and energy optimization expertise and I am thrilled they are joining the Ingersoll Rand family.'

Everest Group and Airmax have combined external revenue of approximately $35 million and are accretive to segment adjusted EBITDA margins. Both acquisitions are expected to close in the fourth quarter of 2022 and will join the Industrial Technologies and Services (ITS) segment of Ingersoll Rand.

About Ingersoll Rand Inc.

Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to helping make life better for our employees, customers, and communities. Customers lean on us for our technology-driven excellence in mission-critical flow creation and industrial solutions across 40+ respected brands where our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity, and efficiency. For more information, visit [www.IRCO.com](www.IRCO.com).