Published by Todd Bush on October 27, 2022
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.
>> In Other News: ENGIE Acquires 6 GW of Solar and Battery Storage Capacity Projects From Belltown Power U.S. And Significantly Strengthens Its Renewable Development Pipeline
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.
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).
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue 🌍 5 Key Carbon Removal Innovations That Shaped 2024 🧪 New Material Could Capture Millions of Tonnes of Atmospheric Carbon 💰 DOE Re-opens Funding Opportunity, Making $500 Million ...
Inside This Issue 💰 OCED Announces up to $1.8 Billion in New Funding for Transformational Direct Air Capture Technologies 🌱 BP Announces Investment Decision for “Lingen Green Hydrogen” Project 🧪 C...
Inside This Issue 🌊 ExxonMobil Partners with Worley for Groundbreaking Blue Hydrogen Facility in Texas 🏗️ Holcim Group to Test Capsol’s Carbon Capture Technology as a Step Towards Decarbonized Cem...
Bill Gates Funds Carbon Removal Startup Deep Sky Corp to Combat Climate Change
A Bold Step Towards a Greener Future Breakthrough Energy, the clean-tech venture led by Bill Gates, has granted $40 million to the Montreal-based carbon-capture startup Deep Sky Corp. The initiat...
WILDLIGHT, Fla.--(BUSINESS WIRE)--Rayonier Inc. (NYSE:RYN) today announced that it has entered into an underground pore space easement agreement with an affiliate of Reliant Carbon Capture & St...
Sunlight Can Split Water Directly Into Hydrogen For The Fuel Of The Future
A reactor that splits water to make hydrogen using sunlight and catalysts, without conversion to electricity in between, has operated successfully for three years. Using nothing but sunlight and p...
Germany: SPIE Installs the World’s First Industrial-scale CCU Facility for a Cement Plant
SPIE, the independent European leader in multi-technical services in the areas of energy and communications, is installing the world’s first industrial-scale Carbon Capture and Utilisation (CCU) fa...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.